Wealth Alliance Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Wealth Alliance acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 2,501 shares of the software maker’s stock, valued at approximately $236,000.

Other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of Fortinet by 29.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after purchasing an additional 34,727 shares during the period. Sequoia Financial Advisors LLC grew its stake in Fortinet by 8.2% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 12,055 shares of the software maker’s stock valued at $935,000 after buying an additional 917 shares during the last quarter. Eastern Bank bought a new position in Fortinet in the 3rd quarter worth $25,000. Private Advisor Group LLC lifted its position in Fortinet by 15.5% during the 3rd quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock worth $1,879,000 after acquiring an additional 3,253 shares during the last quarter. Finally, Greenleaf Trust boosted its holdings in Fortinet by 3.1% during the third quarter. Greenleaf Trust now owns 9,354 shares of the software maker’s stock valued at $725,000 after acquiring an additional 283 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Susquehanna raised their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

NASDAQ:FTNT opened at $110.02 on Friday. 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 firm has a market cap of $84.32 billion, a PE ratio of 48.68, a price-to-earnings-growth 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 company’s 50-day moving average price is $100.12 and its two-hundred day moving average price is $88.54.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 87,110 shares of company stock valued at $8,751,689. 18.00% of the stock is currently 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.