Sax Wealth Advisors LLC Invests $257,000 in Fortinet, Inc. (NASDAQ:FTNT)

Sax Wealth Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,717 shares of the software maker's stock, valued at approximately $257,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Eagle Capital Management LLC increased its holdings in Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock valued at $1,545,000 after buying an additional 544 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Fortinet by 190.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker's stock valued at $87,000 after acquiring an additional 952 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Fortinet by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker's stock valued at $9,973,000 after acquiring an additional 10,145 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Fortinet by 36.0% during the second quarter. Pacer Advisors Inc. now owns 172,510 shares of the software maker's stock worth $10,397,000 after purchasing an additional 45,678 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its holdings in Fortinet by 30.4% in the second quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker's stock worth $329,000 after purchasing an additional 1,274 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Fortinet stock traded up $0.18 during mid-day trading on Monday, hitting $94.23. The company's stock had a trading volume of 4,915,554 shares, compared to its average volume of 3,418,023. The stock has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock's fifty day moving average price is $95.62 and its two-hundred day moving average price is $80.85. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FTNT. UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and upped their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. Truist Financial reissued a "buy" rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, Royal Bank of Canada upped their price objective on Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $96.17.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of Fortinet 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 transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, 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 available at this link. Also, Director William H. Neukom acquired 355 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value 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. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

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.