Northwest Wealth Management LLC Purchases Shares of 2,168 Fortinet, Inc. (NASDAQ:FTNT)

Northwest Wealth Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,168 shares of the software maker’s stock, valued at approximately $205,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at $26,000. Golden State Wealth Management LLC purchased a new stake in Fortinet during the 4th quarter worth about $46,000. LFA Lugano Financial Advisors SA boosted its position in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA increased its holdings 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 acquiring 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 about $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $96.25 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 company has a 50-day moving average price of $102.17 and a 200 day moving average price of $91.57. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market cap of $74.01 billion, a P/E ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 622,904 shares of company stock worth $61,338,694 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wedbush upped their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Royal Bank of Canada lifted their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Scotiabank boosted their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Finally, BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $103.72.

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.