Prosperity Wealth Management Inc. Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Prosperity Wealth Management Inc. bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,235 shares of the software maker's stock, valued at approximately $400,000.

Several other institutional investors also recently made changes to their positions in the stock. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI grew its holdings in Fortinet by 10.7% in 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 in the last quarter. Apollon Wealth Management LLC grew its holdings in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after buying an additional 1,081 shares in the last quarter. Trilogy Capital Inc. grew its holdings in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after buying an additional 3,544 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. grew its holdings in Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after buying an additional 169,530 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 620,904 shares of company stock worth $61,138,694. Company insiders own 18.00% of the company's stock.

Fortinet Trading Up 2.3 %

Shares of NASDAQ:FTNT opened at $98.28 on Wednesday. The company has a market cap of $75.57 billion, a P/E ratio of 43.49, a P/E/G ratio of 4.19 and a beta of 0.97. The stock's 50-day moving average is $102.15 and its 200-day moving average is $91.36. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week 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.

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Fortinet (NASDAQ:FTNT - Get Free Report) last released 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%. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald increased their price objective on Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Bank of America increased their price target on Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Fortinet has an average rating of "Hold" and an average target price 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.

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