MGB Wealth Management LLC Invests $221,000 in Fortinet, Inc. (NASDAQ:FTNT)

MGB Wealth Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,340 shares of the software maker’s stock, valued at approximately $221,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its stake in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC increased its stake in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp lifted its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC boosted its position in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, Bank of Montreal Can grew its stake in Fortinet by 27.6% in the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after acquiring an additional 558,807 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $107.70 on Thursday. The business has a fifty day moving average of $98.12 and a 200 day moving average of $85.82. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $110.99. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $82.55 billion, a price-to-earnings ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, research analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FTNT shares. Wells Fargo & Company lifted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. TD Cowen raised their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Scotiabank upped their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Finally, Susquehanna increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $102.77.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction 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 purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was 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 owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Company 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.