Prosperity Wealth Management Inc. Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Prosperity Wealth Management Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,235 shares of the software maker’s stock, valued at approximately $400,000.

A number of other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. Private Trust Co. NA increased its holdings in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTNT. Cantor Fitzgerald raised their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. The Goldman Sachs Group lifted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. 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 report on Monday, February 3rd. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $98.28 on Wednesday. The company’s 50 day moving average price is $102.15 and its two-hundred day moving average price is $91.36. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month 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. The firm has a market cap of $75.57 billion, a PE ratio of 43.49, a PEG ratio of 4.19 and a beta of 0.97.

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

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 620,904 shares of company stock valued at $61,138,694. Company insiders own 18.00% of the company’s stock.

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.