Integrated Wealth Concepts LLC Purchases 1,088 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Integrated Wealth Concepts LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 10.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,005 shares of the software maker’s stock after purchasing an additional 1,088 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Fortinet were worth $931,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Investment Management Corp of Ontario lifted its holdings in Fortinet by 49.0% in the third quarter. Investment Management Corp of Ontario now owns 21,601 shares of the software maker’s stock valued at $1,675,000 after buying an additional 7,100 shares during the period. Beacon Investment Advisory Services Inc. raised its position in shares of Fortinet by 5.4% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 165,468 shares of the software maker’s stock valued at $12,832,000 after acquiring an additional 8,421 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Fortinet in the 3rd quarter valued at $93,000. True Wealth Design LLC boosted its position in shares of Fortinet by 7,054.5% in the 3rd quarter. True Wealth Design LLC now owns 1,574 shares of the software maker’s stock worth $122,000 after purchasing an additional 1,552 shares during the last quarter. Finally, Maverick Capital Ltd. acquired a new stake in shares of Fortinet during the third quarter worth $1,128,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTNT. Rosenblatt Securities increased their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Wells Fargo & Company increased their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $88.93.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.04 on Tuesday. The stock has a market cap of $74.38 billion, a P/E ratio of 49.01, a P/E/G ratio of 2.80 and a beta of 1.00. The company has a fifty day moving average price of $86.72 and a two-hundred day moving average price of $73.20. Fortinet, Inc. has a one year low of $52.20 and a one year high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

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.