Hennion & Walsh Asset Management Inc. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,225 shares of the software maker's stock after buying an additional 6,301 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in Fortinet were worth $5,029,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of FTNT. Eastern Bank acquired a new position in Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank grew its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC acquired a new stake in Fortinet during the third quarter worth about $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Fortinet
In related news, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. 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. Insiders own 18.00% of the company's stock.
Fortinet Stock Up 1.1 %
Fortinet stock traded up $0.99 during trading on Thursday, reaching $94.05. The stock had a trading volume of 2,905,867 shares, compared to its average volume of 4,143,487. 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 52-week low of $54.57 and a 52-week high of $101.00. The stock has a market cap of $72.08 billion, a PE ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. The business has a 50 day moving average price of $95.43 and a 200 day moving average price of $80.00.
Analyst Ratings Changes
Several analysts have recently weighed in on FTNT shares. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Truist Financial reiterated a "buy" rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, November 22nd. Jefferies Financial Group increased their price target on Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Finally, Scotiabank boosted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $94.35.
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About Fortinet
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Free Report)
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.
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