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

JPL Wealth Management LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,425 shares of the software maker's stock, valued at approximately $607,000.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp increased its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock worth $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. Amundi raised its stake in shares of Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker's stock valued at $631,700,000 after acquiring an additional 1,766,860 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Fortinet by 10.3% during 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 acquiring an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock valued at $375,523,000 after acquiring an additional 156,766 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 622,904 shares of company stock worth $61,338,694. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FTNT. Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. 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, February 4th. Citigroup boosted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Finally, Bank of America boosted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. One 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. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $103.72.

Fortinet Stock Performance

Shares of Fortinet stock traded up $2.83 during trading on Friday, hitting $96.25. 3,972,844 shares of the stock were exchanged, compared to its average volume of 4,811,761. The stock has a market cap of $74.01 billion, a PE ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. The stock's fifty day moving average is $102.17 and its 200 day moving average is $91.57. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 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.