Hennion & Walsh Asset Management Inc. Buys 6,301 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hennion & Walsh Asset Management Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,225 shares of the software maker’s stock after purchasing an additional 6,301 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Fortinet were worth $5,029,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank increased its position in 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 acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet during the third quarter worth $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on 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 completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

FTNT opened at $93.56 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $71.71 billion, a P/E ratio of 47.25, a PEG ratio of 2.51 and a beta of 1.00. The stock has a 50-day moving average price of $95.43 and a 200-day moving average price of $80.00. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. Barclays raised their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Rosenblatt Securities upped their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, TD Cowen lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $94.35.

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.