MGB Wealth Management LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

MGB Wealth Management LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 2,340 shares of the software maker’s stock, valued at approximately $221,000.

Other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp lifted its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC grew its stake in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after acquiring an additional 724,887 shares during the period. Finally, Bank of Montreal Can increased its holdings in Fortinet by 27.6% in the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after acquiring an additional 558,807 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 0.6 %

Shares of FTNT stock opened at $107.70 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The firm has a market cap of $82.55 billion, a PE ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a 50-day moving average of $98.12 and a two-hundred day moving average of $85.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Activity at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Stifel Nicolaus raised their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Jefferies Financial Group boosted their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Wedbush boosted their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $102.77.

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.