Fortinet, Inc. (NASDAQ:FTNT) Stake Raised by Angeles Wealth Management LLC

Angeles Wealth Management LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,481 shares of the software maker’s stock after purchasing an additional 188 shares during the period. Angeles Wealth Management LLC’s holdings in Fortinet were worth $518,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Eastern Bank bought a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. 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 worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the third quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of analyst reports. TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets lifted their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Rosenblatt Securities lifted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $101.43.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now 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 SEC, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 2.8 %

Fortinet stock opened at $107.66 on Monday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $110.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market capitalization of $82.52 billion, a PE ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01. The business’s 50-day simple moving average is $97.38 and its 200-day simple moving average is $84.94.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities research analysts forecast that Fortinet, Inc. will post 2.05 earnings per share 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.