Accurate Wealth Management LLC Has $1.82 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Accurate Wealth Management LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 62.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 19,188 shares of the software maker’s stock after buying an additional 7,368 shares during the quarter. Accurate Wealth Management LLC’s holdings in Fortinet were worth $1,815,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. David J Yvars Group purchased a new position in shares of Fortinet during the 4th quarter valued at $222,000. Pallas Capital Advisors LLC raised its stake in shares of Fortinet by 0.8% during the 4th quarter. Pallas Capital Advisors LLC now owns 22,692 shares of the software maker’s stock worth $2,144,000 after purchasing an additional 177 shares in the last quarter. Fulcrum Capital LLC lifted its holdings in shares of Fortinet by 0.7% during the 4th quarter. Fulcrum Capital LLC now owns 126,020 shares of the software maker’s stock valued at $11,906,000 after buying an additional 815 shares during the last quarter. Wedmont Private Capital raised its position in Fortinet by 7.4% during the fourth quarter. Wedmont Private Capital now owns 5,809 shares of the software maker’s stock valued at $549,000 after acquiring an additional 402 shares in the last quarter. Finally, Capital Investment Advisors LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $603,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet 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 transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 44,816 shares of company stock valued at $4,318,590 in the last ninety days. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FTNT shares. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. The Goldman Sachs Group raised their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. BMO Capital Markets lifted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. UBS Group upped their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus upped their price target on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Performance

Fortinet stock opened at $92.49 on Wednesday. The stock has a fifty day moving average price of $94.89 and a two-hundred day moving average price of $79.68. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The firm has a market capitalization of $70.89 billion, a P/E ratio of 46.71, a P/E/G ratio of 2.76 and a beta of 1.00.

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.