National Wealth Management Group LLC Invests $530,000 in Fortinet, Inc. (NASDAQ:FTNT)

National Wealth Management Group LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,610 shares of the software maker’s stock, valued at approximately $530,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet during the 4th quarter valued at approximately $27,000. Graney & King LLC bought a new stake in shares of Fortinet during the 4th quarter valued at about $43,000. Golden State Wealth Management LLC acquired a new stake in Fortinet during the fourth quarter worth about $46,000. Runnymede Capital Advisors Inc. bought a new position in Fortinet in the fourth quarter worth about $56,000. Finally, LFA Lugano Financial Advisors SA boosted its stake in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after acquiring an additional 490 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Susquehanna boosted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Cantor Fitzgerald lifted their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet Price Performance

NASDAQ FTNT opened at $96.26 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $74.02 billion, a PE ratio of 42.59, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a 50 day moving average price of $103.01 and a two-hundred day moving average price of $93.53.

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

Insider Buying and Selling

In other news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last quarter. 18.00% of the stock is currently owned by company insiders.

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.