Empirical Asset Management LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Empirical Asset Management LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 19,729 shares of the software maker's stock, valued at approximately $1,864,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank raised its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth about $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent analyst reports. Raymond James restated a "market perform" rating on shares of Fortinet in a research note on Tuesday. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. TD Cowen increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. Jefferies Financial Group boosted their price target on Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald boosted their target price on Fortinet from $88.00 to $95.00 and gave the stock a "neutral" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $95.16.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.18 during trading on Friday, reaching $94.23. The stock had a trading volume of 4,915,554 shares, compared to its average volume of 3,418,023. The stock has a market cap of $72.22 billion, a PE ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. The firm's 50 day moving average price is $95.68 and its two-hundred day moving average price is $80.34. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00.

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.