Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by True Wealth Design LLC

True Wealth Design LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 7,054.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,574 shares of the software maker’s stock after purchasing an additional 1,552 shares during the quarter. True Wealth Design LLC’s holdings in Fortinet were worth $122,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the second quarter valued at $33,000. Finally, Versant Capital Management Inc grew its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Cantor Fitzgerald lifted their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Rosenblatt Securities raised their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, TD Cowen boosted their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $88.93.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,745 shares of company stock valued at $5,746,974 over the last quarter. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.1 %

Fortinet stock opened at $95.05 on Friday. The company has a 50 day moving average price of $84.33 and a 200 day moving average price of $71.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The firm has a market capitalization of $72.85 billion, a price-to-earnings ratio of 48.01, a P/E/G ratio of 2.76 and a beta of 1.00.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.