Empirical Asset Management LLC Invests $1.86 Million in Fortinet, Inc. (NASDAQ:FTNT)

Empirical Asset Management LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 19,729 shares of the software maker’s stock, valued at approximately $1,864,000.

Other hedge funds have also bought and sold shares of the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank raised its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new position in Fortinet in the third quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 0.2 %

Shares of FTNT opened at $94.23 on Friday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The company has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s 50 day simple moving average is $95.68 and its 200 day simple moving average is $80.34.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on 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 completion of 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 represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Wells Fargo & Company boosted their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research note on Tuesday. TD Cowen boosted their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.16.

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.