2,717 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Sax Wealth Advisors LLC

Sax Wealth Advisors LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,717 shares of the software maker’s stock, valued at approximately $257,000.

Other hedge funds have also added to or reduced their stakes in the company. Merit Financial Group LLC boosted its stake in Fortinet by 12.1% in the 4th quarter. Merit Financial Group LLC now owns 139,319 shares of the software maker’s stock worth $13,163,000 after purchasing an additional 15,022 shares in the last quarter. Avanza Fonder AB bought a new position in shares of Fortinet in the fourth quarter worth approximately $4,409,000. Decker Retirement Planning Inc. purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $4,817,000. Occidental Asset Management LLC increased its position in shares of Fortinet by 30.2% during the fourth quarter. Occidental Asset Management LLC now owns 3,725 shares of the software maker’s stock valued at $352,000 after acquiring an additional 865 shares in the last quarter. Finally, Empirical Asset Management LLC purchased a new position in Fortinet in the 4th quarter worth approximately $1,864,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of Fortinet stock opened at $94.23 on Monday. The firm has a market cap of $72.22 billion, a PE ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The stock has a 50 day moving average of $95.68 and a 200 day moving average of $80.61. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00.

Analyst Ratings Changes

A number of analysts have commented on FTNT shares. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $96.17.

Insider Activity

In related news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 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. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by insiders.

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.