Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by TruWealth Advisors LLC

TruWealth Advisors LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 8,919 shares of the software maker’s stock after acquiring an additional 346 shares during the period. TruWealth Advisors LLC’s holdings in Fortinet were worth $843,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank lifted its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on FTNT. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. UBS Group raised their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. TD Cowen boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald raised their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $96.17.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.23 on Friday. The stock has a market capitalization of $72.22 billion, a PE ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The firm has a 50 day moving average of $95.68 and a two-hundred day moving average of $80.47.

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.