Linscomb Wealth Inc. Makes New $224,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Linscomb Wealth Inc. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 2,374 shares of the software maker’s stock, valued at approximately $224,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $46,000. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC boosted its stake in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.9 %

Fortinet stock opened at $108.01 on Friday. The stock has a 50-day moving average price of $101.31 and a 200 day moving average price of $89.75. The company has a market capitalization of $82.78 billion, a price-to-earnings ratio of 47.79, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet 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 completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,120 shares of company stock worth $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FTNT shares. Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. The Goldman Sachs Group increased their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. BMO Capital Markets upped their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.72.

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.