OneAscent Wealth Management LLC Acquires Shares of 3,956 Fortinet, Inc. (NASDAQ:FTNT)

OneAscent Wealth Management LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,956 shares of the software maker’s stock, valued at approximately $374,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Manchester Capital Management LLC raised its stake in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the period. Fielder Capital Group LLC boosted its position in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Fortinet by 3.0% in the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FTNT. Rosenblatt Securities raised their price target on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Royal Bank of Canada increased their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $105.69.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $96.60 on Friday. The stock has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a 50 day simple moving average of $102.97 and a 200-day simple moving average of $93.14. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates 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 expect that Fortinet, Inc. will post 2.09 EPS for the current year.

About Fortinet

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.