BXM Wealth LLC Acquires Shares of 5,800 Fortinet, Inc. (NASDAQ:FTNT)

BXM Wealth LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,800 shares of the software maker's stock, valued at approximately $548,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Hawaiian Bank purchased a new stake in Fortinet in the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI raised its stake in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC raised its stake in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Trilogy Capital Inc. raised its stake in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden raised its stake in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 2.3 %

Shares of Fortinet stock traded up $2.62 during trading hours on Tuesday, reaching $114.26. The stock had a trading volume of 6,665,290 shares, compared to its average volume of 4,578,501. The firm has a 50 day simple moving average of $99.23 and a two-hundred day simple moving average of $87.56. The firm has a market capitalization of $87.57 billion, a price-to-earnings ratio of 50.56, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 63,610 shares of company stock worth $6,083,029 in the last three months. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Truist Financial reaffirmed a "buy" rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. UBS Group upped their price objective on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and upped their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $103.72.

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.