Prospera Private Wealth LLC Invests $85,000 in Fortinet, Inc. (NASDAQ:FTNT)

Prospera Private Wealth LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,097 shares of the software maker’s stock, valued at approximately $85,000.

A number of other institutional investors have also recently made changes to their positions in the business. Apollon Wealth Management LLC grew its stake in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its stake in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP increased its position in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers raised its position in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC lifted its stake in Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.13 on Friday. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The firm has a 50 day simple moving average of $82.10 and a 200-day simple moving average of $70.06. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $72.15 billion, a PE ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Raymond James lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Scotiabank upped their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by company insiders.

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.