Prospera Private Wealth LLC Makes New $85,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Prospera Private Wealth LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 1,097 shares of the software maker’s stock, valued at approximately $85,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in Fortinet by 0.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 499,689 shares of the software maker’s stock worth $38,751,000 after buying an additional 3,703 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Fortinet during the third quarter worth about $2,021,000. Banque Cantonale Vaudoise increased its holdings in shares of Fortinet by 3.7% in the 3rd quarter. Banque Cantonale Vaudoise now owns 70,567 shares of the software maker’s stock worth $5,472,000 after acquiring an additional 2,491 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in Fortinet by 8.1% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 6,726 shares of the software maker’s stock valued at $522,000 after purchasing an additional 503 shares during the last quarter. Finally, BIP Wealth LLC acquired a new position in Fortinet during the 3rd quarter valued at about $295,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 1.8 %

Fortinet stock opened at $94.13 on Friday. The company has a 50 day moving average price of $82.10 and a 200 day moving average price of $70.06. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The firm has a market capitalization of $72.15 billion, a price-to-earnings ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on FTNT. 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 research note on Tuesday. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $88.93.

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.