MGB Wealth Management LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

MGB Wealth Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,340 shares of the software maker's stock, valued at approximately $221,000.

Other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank purchased a new stake in shares of Fortinet in the fourth quarter worth about $670,000. LVM Capital Management Ltd. MI lifted its holdings in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC boosted its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after purchasing an additional 1,081 shares during the period. Trilogy Capital Inc. grew its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after buying an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden grew its holdings in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial restated a "buy" rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research report on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a "hold" rating to a "buy" rating and raised their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Hsbc Global Res upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Piper Sandler reissued an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $103.72.

Fortinet Stock Up 1.5 %

NASDAQ FTNT traded up $1.66 on Monday, reaching $111.64. The stock had a trading volume of 4,974,960 shares, compared to its average volume of 4,073,400. The business has a 50 day moving average price of $98.60 and a 200 day moving average price of $86.77. The company has a market capitalization of $85.57 billion, a price-to-earnings ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $112.37. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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 463.85% and a net margin of 29.30%. On average, analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal 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.