Private Wealth Management Group LLC Purchases 173 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Private Wealth Management Group LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 73.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 409 shares of the software maker’s stock after buying an additional 173 shares during the quarter. Private Wealth Management Group LLC’s holdings in Fortinet were worth $32,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter worth about $25,000. Winthrop Capital Management LLC purchased a new stake in Fortinet during the 1st quarter valued at approximately $25,000. City State Bank raised its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter worth $33,000. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the third quarter worth $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 over the last three months. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Royal Bank of Canada boosted their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Barclays boosted their target price on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Finally, TD Cowen raised their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $74.68.

Fortinet Trading Up 0.2 %

Shares of Fortinet stock traded up $0.14 on Friday, hitting $78.80. 4,055,570 shares of the company traded hands, compared to its average volume of 3,621,800. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. The company has a market cap of $60.27 billion, a PE ratio of 46.63, a PEG ratio of 2.77 and a beta of 1.00. The stock’s 50 day moving average price is $78.06 and its 200-day moving average price is $67.48. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the business earned $0.31 EPS. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 1.75 EPS for the current year.

Fortinet Company 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.