IHT Wealth Management LLC Buys 243 Shares of Fortinet, Inc. (NASDAQ:FTNT)

IHT Wealth Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.9% in the third quarter, HoldingsChannel reports. The firm owned 5,205 shares of the software maker’s stock after acquiring an additional 243 shares during the period. IHT Wealth Management LLC’s holdings in Fortinet were worth $402,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its stake 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. Oakworth Capital Inc. acquired a new position in Fortinet during the second quarter valued at approximately $33,000. Finally, City State Bank increased its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 over the last 90 days. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Bank of America lifted their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday, October 17th. BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Finally, Wedbush boosted their price objective on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Up 0.8 %

Shares of FTNT stock opened at $99.21 on Monday. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59. The stock has a market cap of $76.04 billion, a price-to-earnings ratio of 50.11, a PEG ratio of 2.83 and a beta of 1.00. The firm’s 50-day moving average is $86.33 and its 200-day moving average is $72.94. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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.