Prasad Wealth Partners LLC Buys Shares of 8,842 Fortinet, Inc. (NASDAQ:FTNT)

Prasad Wealth Partners LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,842 shares of the software maker’s stock, valued at approximately $835,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Private Advisor Group LLC raised its position in Fortinet by 15.5% in the third quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock valued at $1,879,000 after purchasing an additional 3,253 shares during the period. International Assets Investment Management LLC raised its position in Fortinet by 8,011.1% in the third quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock valued at $21,506,000 after purchasing an additional 273,900 shares during the period. Assenagon Asset Management S.A. raised its position in Fortinet by 21.0% in the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after purchasing an additional 2,775 shares during the period. Ballentine Partners LLC grew its stake in shares of Fortinet by 8.1% in the third quarter. Ballentine Partners LLC now owns 7,550 shares of the software maker’s stock valued at $586,000 after buying an additional 563 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Fortinet by 19.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 176,050 shares of the software maker’s stock valued at $13,635,000 after buying an additional 28,525 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,460 shares of company stock valued at $7,063,290 in the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 1.2 %

FTNT opened at $108.69 on Tuesday. The company has a market cap of $83.31 billion, a P/E ratio of 48.09, a PEG ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business’s 50-day simple moving average is $100.33 and its 200-day simple moving average is $88.95.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FTNT shares. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $103.72.

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.