HB Wealth Management LLC Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

HB Wealth Management LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 9.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,113 shares of the software maker’s stock after buying an additional 1,041 shares during the quarter. HB Wealth Management LLC’s holdings in Fortinet were worth $1,144,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FTNT. State Street Corp lifted its stake in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC raised its holdings in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after purchasing an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Wedbush lifted their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Truist Financial restated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $96.17.

Fortinet Stock Up 0.2 %

Shares of Fortinet stock opened at $94.23 on Tuesday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company’s 50 day moving average is $95.62 and its 200 day moving average is $80.85. The company has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00.

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.