Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Apollon Wealth Management LLC

Apollon Wealth Management LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 101.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,857 shares of the software maker’s stock after buying an additional 15,561 shares during the quarter. Apollon Wealth Management LLC’s holdings in Fortinet were worth $2,915,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. CWM LLC grew its position in shares of Fortinet by 95.0% during the 3rd quarter. CWM LLC now owns 76,564 shares of the software maker’s stock valued at $5,938,000 after acquiring an additional 37,294 shares during the period. Wedmont Private Capital boosted its position in Fortinet by 24.0% during the third quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after purchasing an additional 1,045 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Fortinet by 413.7% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 5,712 shares of the software maker’s stock valued at $443,000 after purchasing an additional 4,600 shares during the period. City State Bank increased its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Fortinet by 373.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock worth $1,463,000 after buying an additional 14,877 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The stock was 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 of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last ninety days. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Stifel Nicolaus raised their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday. Truist Financial reiterated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Finally, Mizuho raised their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $101.43.

Fortinet Trading Up 2.8 %

Shares of NASDAQ FTNT opened at $107.66 on Monday. The stock has a fifty day simple moving average of $97.38 and a 200-day simple moving average of $84.94. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $110.53. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $82.52 billion, a PE ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, equities analysts forecast that Fortinet, Inc. will post 2.05 earnings per share for the current year.

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.