Darwin Wealth Management LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Darwin Wealth Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,020 shares of the software maker’s stock, valued at approximately $79,000.

Other hedge funds also recently added to or reduced their stakes in the company. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC boosted its holdings 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 valued at $32,000 after buying an additional 173 shares during the period. City State Bank boosted its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at about $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 1.8 %

Shares of Fortinet stock opened at $92.45 on Thursday. The stock has a market capitalization of $70.86 billion, a P/E ratio of 46.69, a price-to-earnings-growth ratio of 2.82 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. The company has a 50-day simple moving average of $81.71 and a 200 day simple moving average of $69.89. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Citigroup boosted their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Rosenblatt Securities boosted their price target on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. Finally, UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $88.93.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet 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 transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last quarter. 18.00% of the stock is owned by corporate 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.