Apollon Wealth Management LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Apollon Wealth Management LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,296 shares of the software maker’s stock after purchasing an additional 1,081 shares during the period. Apollon Wealth Management LLC’s holdings in Fortinet were worth $1,186,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of FTNT. Eagle Capital Management LLC boosted its holdings in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares in the last quarter. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Simplicity Wealth LLC raised its holdings in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the period. Finally, Werlinich Asset Management LLC raised its holdings in Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FTNT. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Monday. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research note on Thursday, October 17th. TD Cowen boosted their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $79.52.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 3.5 %

Fortinet stock opened at $94.46 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The business’s 50-day moving average price is $80.38 and its 200 day moving average price is $69.03. The firm has a market cap of $72.40 billion, a price-to-earnings ratio of 47.71, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00.

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.