HB Wealth Management LLC Buys 1,041 Shares of Fortinet, Inc. (NASDAQ:FTNT)

HB Wealth Management LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,113 shares of the software maker’s stock after purchasing an additional 1,041 shares during the period. HB Wealth Management LLC’s holdings in Fortinet were worth $1,144,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank boosted its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet in the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT opened at $94.23 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $72.22 billion, a PE ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. The company’s fifty day simple moving average is $95.62 and its 200 day simple moving average is $80.85. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Scotiabank raised their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. UBS Group upped their price objective 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. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $96.17.

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.