True Wealth Design LLC Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

True Wealth Design LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 12.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,772 shares of the software maker’s stock after buying an additional 198 shares during the quarter. True Wealth Design LLC’s holdings in Fortinet were worth $167,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FTNT. Oak Thistle LLC acquired a new stake in shares of Fortinet in the fourth quarter worth approximately $269,000. Assenagon Asset Management S.A. boosted its stake in Fortinet by 6.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock worth $1,612,000 after buying an additional 1,085 shares during the last quarter. Park Avenue Securities LLC boosted its stake in Fortinet by 75.0% during the fourth quarter. Park Avenue Securities LLC now owns 18,886 shares of the software maker’s stock worth $1,784,000 after buying an additional 8,092 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Fortinet by 2,602.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,297 shares of the software maker’s stock worth $123,000 after buying an additional 1,249 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its stake in Fortinet by 86.5% during the fourth quarter. Gateway Investment Advisers LLC now owns 21,676 shares of the software maker’s stock worth $2,048,000 after buying an additional 10,052 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 738,978 shares of company stock worth $74,135,907 over the last quarter. 17.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. DZ Bank upgraded Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price on the stock. Royal Bank of Canada reduced their target price on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Cantor Fitzgerald reduced their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Trading Up 2.0%

FTNT opened at $104.59 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market cap of $80.05 billion, a P/E ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business’s 50-day simple moving average is $98.53 and its 200-day simple moving average is $98.29.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business posted $0.43 EPS. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Company 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.