Sound Income Strategies LLC Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sound Income Strategies LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6,544.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 2,990 shares of the software maker’s stock after buying an additional 2,945 shares during the quarter. Sound Income Strategies LLC’s holdings in Fortinet were worth $282,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FTNT. Eastern Bank purchased a new stake in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank boosted its stake in shares of 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 in the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet in the third quarter worth about $46,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on FTNT shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. 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 note on Thursday, December 19th. JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $100.00 to $120.00 in a research report on Monday, January 6th. Finally, Barclays increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $96.83.

Fortinet Trading Down 0.6 %

Shares of NASDAQ:FTNT opened at $96.90 on Friday. The stock’s 50-day simple moving average is $95.70 and its two-hundred day simple moving average is $81.59. The stock has a market capitalization of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. 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 (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business posted $0.35 earnings per share. Analysts expect that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought 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 in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

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.