Congress Wealth Management LLC DE Has $8.63 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Congress Wealth Management LLC DE decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 91,330 shares of the software maker’s stock after selling 2,301 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Fortinet were worth $8,629,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth $46,000. Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the 4th quarter worth about $56,000. LFA Lugano Financial Advisors SA lifted its position in Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA boosted its stake in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $65,000. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FTNT shares. Scotiabank raised their price objective on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Jefferies Financial Group raised their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Citigroup upped their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $105.69.

Fortinet Trading Up 1.2 %

NASDAQ:FTNT opened at $99.79 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. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $76.74 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business has a 50 day moving average price of $102.46 and a two-hundred day moving average price of $92.70.

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 net margin of 29.30% and a return on equity of 256.53%. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by 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.