Insight Wealth Strategies LLC Buys 18,906 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Insight Wealth Strategies LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 79.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 42,741 shares of the software maker’s stock after purchasing an additional 18,906 shares during the period. Insight Wealth Strategies LLC’s holdings in Fortinet were worth $4,038,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FTNT. Eastern Bank purchased a new position in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC increased 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 valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank raised its position in Fortinet by 900.0% during 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 during the last quarter. Finally, Paladin Wealth LLC purchased a new stake in Fortinet in the 3rd quarter worth approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT stock traded down $0.24 on Monday, hitting $97.23. The company had a trading volume of 2,624,892 shares, compared to its average volume of 3,205,075. The stock has a market cap of $74.52 billion, a price-to-earnings ratio of 49.11, a P/E/G ratio of 2.76 and a beta of 1.00. 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’s 50-day simple moving average is $92.91 and its 200 day simple moving average is $78.11. 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 commented on FTNT shares. Stifel Nicolaus raised their price target on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Robert W. Baird lifted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Royal Bank of Canada increased their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group lifted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $94.35.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of the firm’s 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 completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, 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 have sold a total of 68,123 shares of company stock worth $6,227,201 in the last ninety days. 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.