FWG Holdings LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

FWG Holdings LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,260 shares of the software maker’s stock, valued at approximately $228,000.

Several other large investors also recently made changes to their positions in FTNT. First Hawaiian Bank acquired a new stake in Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI lifted its stake in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC boosted its holdings in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the period. Trilogy Capital Inc. grew its stake in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after buying an additional 3,544 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. raised its holdings in Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.4 %

NASDAQ FTNT opened at $101.28 on Monday. The stock’s 50 day simple moving average is $102.06 and its 200 day simple moving average is $91.04. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $77.88 billion, a PE ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Rosenblatt Securities upped their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,120 shares of company stock worth $8,991,409. 18.00% of the stock is currently owned by corporate insiders.

About Fortinet

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.