Jackson Wealth Management LLC Buys Shares of 50,076 Fortinet, Inc. (NASDAQ:FTNT)

Jackson Wealth Management LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 50,076 shares of the software maker's stock, valued at approximately $4,731,000.

A number of other large investors have also made changes to their positions in FTNT. State Street Corp raised its position in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of 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 valued at $448,854,000 after purchasing an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 worth $296,075,000 after purchasing an additional 68,852 shares during the period. Finally, FMR LLC increased its position in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. UBS Group lifted their price target 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. The Goldman Sachs Group upped their price target on shares of Fortinet from $100.00 to $114.00 and gave the stock a "buy" rating in a research report on Thursday, January 2nd. TD Cowen raised their price objective on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. Scotiabank raised their target price on Fortinet from $110.00 to $115.00 and gave the company a "sector outperform" rating in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald increased their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $97.73.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 1.9 %

NASDAQ:FTNT opened at $102.78 on Wednesday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $102.87. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business has a 50 day simple moving average of $96.70 and a 200 day simple moving average of $83.92. The firm has a market capitalization of $78.78 billion, a P/E ratio of 51.91, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Equities research analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

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.

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