GWN Securities Inc. Invests $229,000 in Fortinet, Inc. (NASDAQ:FTNT)

GWN Securities Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,362 shares of the software maker’s stock, valued at approximately $229,000.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth approximately $46,000. LFA Lugano Financial Advisors SA raised its stake in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the last quarter. R Squared Ltd bought a new stake in shares of Fortinet during the fourth quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after buying an additional 163 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on FTNT shares. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Stock Performance

Shares of FTNT stock opened at $96.67 on Tuesday. The stock has a market cap of $74.34 billion, a P/E ratio of 42.77, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a fifty day moving average price of $102.15 and a two-hundred day moving average price of $91.93. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Profile

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.