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

Insight Wealth Strategies LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 79.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor 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 filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Eastern Bank purchased a new stake in Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% during the third 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 in the last quarter. City State Bank boosted its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new position in Fortinet during the third quarter worth about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT stock traded down $0.24 during trading 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’s 50-day moving average is $92.91 and its two-hundred day moving average is $78.11. The stock has a market capitalization of $74.52 billion, a price-to-earnings ratio of 49.11, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock valued at $6,227,201 in the last quarter. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on FTNT shares. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Raymond James lifted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Scotiabank upped their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $100.00 to $120.00 in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have issued 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 an average target price of $94.35.

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.