TruWealth Advisors LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

TruWealth Advisors LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,919 shares of the software maker’s stock after buying an additional 346 shares during the quarter. TruWealth Advisors LLC’s holdings in Fortinet were worth $843,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC boosted its position in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co boosted its position in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC grew its stake in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.23 on Friday. 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 stock has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The firm’s 50 day simple moving average is $95.68 and its 200-day simple moving average is $80.47. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Scotiabank lifted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Wells Fargo & Company boosted their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Mizuho raised their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One equities research 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 company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $96.17.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

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.