5,610 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by National Wealth Management Group LLC

National Wealth Management Group LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, Holdings Channel reports. The firm acquired 5,610 shares of the software maker’s stock, valued at approximately $530,000.

Other large investors also recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter valued at $27,000. Graney & King LLC bought a new stake in shares of Fortinet in the 4th quarter worth about $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $46,000. Runnymede Capital Advisors Inc. bought a new position in Fortinet during the 4th quarter valued at about $56,000. Finally, LFA Lugano Financial Advisors SA boosted its position in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Down 0.4 %

FTNT opened at $96.26 on Tuesday. The stock has a market capitalization of $74.02 billion, a P/E ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm’s fifty day simple moving average is $103.01 and its 200 day simple moving average is $93.53.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on FTNT. Mizuho boosted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Stifel Nicolaus increased their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Jefferies Financial Group cut their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday. Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Morgan Stanley started coverage on shares of Fortinet in a research report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $105.69.

Insider Activity

In other news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. Insiders own 18.00% of the company’s stock.

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.