Peloton Wealth Strategists Has $400,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Peloton Wealth Strategists boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,230 shares of the software maker’s stock after purchasing an additional 1,155 shares during the period. Peloton Wealth Strategists’ holdings in Fortinet were worth $400,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its stake 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 worth $32,000 after purchasing an additional 173 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the fourth quarter worth approximately $46,000. R Squared Ltd bought a new position in shares of Fortinet during the fourth quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC increased its stake in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $517,076.48. The trade was a 78.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 87,120 shares of company stock valued at $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. The Goldman Sachs Group increased their target price on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Barclays raised their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Bank of America raised their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Stock Down 1.8 %

Shares of FTNT opened at $107.09 on Friday. The company has a market capitalization of $82.08 billion, a PE ratio of 47.39, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock’s 50-day moving average price is $101.09 and its two-hundred day moving average price is $89.48. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.