JPL Wealth Management LLC Invests $607,000 in Fortinet, Inc. (NASDAQ:FTNT)

JPL Wealth Management LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,425 shares of the software maker's stock, valued at approximately $607,000.

Other large investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $26,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the 4th quarter worth $46,000. LFA Lugano Financial Advisors SA increased its stake in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA increased its stake in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after purchasing an additional 307 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Fortinet in the 4th quarter worth $65,000. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 622,904 shares of company stock worth $61,338,694 over the last three months. Corporate insiders own 18.00% of the company's stock.

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Fortinet Stock Up 3.0 %

FTNT stock traded up $2.83 during trading on Friday, hitting $96.25. 3,972,844 shares of the company's stock traded hands, compared to its average volume of 4,789,712. The firm has a market capitalization of $74.01 billion, a P/E ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The business has a fifty day simple moving average of $102.17 and a two-hundred day simple moving average of $91.68. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. 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 announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTNT. Citigroup upped their price objective on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Jefferies Financial Group upped their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Finally, Scotiabank upped their target price on shares of Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $103.72.

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.