50,076 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Jackson Wealth Management LLC

Jackson Wealth Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 50,076 shares of the software maker’s stock, valued at approximately $4,731,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC raised its position in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the period. Versant Capital Management Inc increased its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares in the last quarter. Diversified Trust Co lifted its stake in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after buying an additional 135 shares in the last quarter. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.9 %

Shares of NASDAQ:FTNT opened at $102.78 on Wednesday. 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 stock’s 50-day moving average is $96.70 and its 200-day moving average is $83.92. The company has a market cap of $78.78 billion, a P/E ratio of 51.91, a P/E/G ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $102.87.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm posted $0.35 EPS. Equities research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FTNT shares. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research note on Monday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $97.73.

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.