Accurate Wealth Management LLC Purchases 7,368 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Accurate Wealth Management LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 62.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,188 shares of the software maker's stock after purchasing an additional 7,368 shares during the period. Accurate Wealth Management LLC's holdings in Fortinet were worth $1,815,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. State Street Corp raised its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the period. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock worth $448,854,000 after purchasing an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker's stock valued at $296,075,000 after buying an additional 68,852 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. Rosenblatt Securities raised their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Finally, HSBC raised Fortinet from a "hold" rating to a "buy" rating and raised their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $94.35.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 355 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 44,816 shares of company stock valued at $4,318,590 over the last quarter. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of Fortinet stock traded up $0.61 during trading hours on Wednesday, reaching $93.10. 2,828,697 shares of the stock traded hands, compared to its average volume of 4,043,311. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The firm has a market capitalization of $71.36 billion, a price-to-earnings ratio of 47.02, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $95.18 and a 200 day moving average price of $79.91.

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.