U S Wealth Group LLC. Invests $712,000 in Fortinet, Inc. (NASDAQ:FTNT)

U S Wealth Group LLC. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, HoldingsChannel reports. The fund purchased 7,534 shares of the software maker’s stock, valued at approximately $712,000.

Other hedge funds have also bought and sold shares of the company. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in 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. Fielder Capital Group LLC boosted its stake in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after buying an additional 116 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Down 5.3 %

Shares of FTNT opened at $84.71 on Monday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a 50 day simple moving average of $102.59 and a two-hundred day simple moving average of $94.00. The firm has a market cap of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09.

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

Insider Buying and Selling at Fortinet

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 sale, the chief executive officer now 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 legal filing with the SEC, which is available through this link. Also, Director William H. Neukom acquired 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Stifel Nicolaus boosted their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. UBS Group set a $123.00 price objective on Fortinet in a research note on Tuesday, March 18th. Finally, Jefferies Financial Group decreased their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $105.77.

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.