Executive Wealth Management LLC Takes $6.07 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Executive Wealth Management LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The fund bought 78,213 shares of the software maker's stock, valued at approximately $6,065,000.

Several other hedge funds have also recently made changes to their positions in FTNT. Eastern Bank bought a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% during 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 during the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the second quarter worth approximately $33,000. Finally, City State Bank lifted its stake in shares of Fortinet by 900.0% during the 3rd 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 last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Raymond James upped their price objective on Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Morgan Stanley upped 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. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. UBS Group boosted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Finally, BMO Capital Markets lifted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $88.93.

Fortinet Stock Up 0.1 %

Shares of FTNT traded up $0.09 during mid-day trading on Tuesday, hitting $97.13. 3,915,105 shares of the company traded hands, compared to its average volume of 5,446,687. The business has a 50 day moving average of $87.14 and a 200 day moving average of $73.45. The company has a market capitalization of $74.45 billion, a PE ratio of 49.06, a price-to-earnings-growth ratio of 2.80 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. Fortinet, Inc. has a 1-year low of $52.20 and a 1-year high of $100.59.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the company's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were acquired at an average cost 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 $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by corporate insiders.

Fortinet 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.