U S Wealth Group LLC. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

U S Wealth Group LLC. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,534 shares of the software maker’s stock, valued at approximately $712,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Twin Capital Management Inc. raised its stake in Fortinet by 3.0% in the fourth quarter. Twin Capital Management Inc. now owns 48,370 shares of the software maker’s stock valued at $4,570,000 after buying an additional 1,424 shares during the last quarter. Invesco Ltd. boosted its stake in Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Cerity Partners LLC boosted its position in Fortinet by 1.1% during the fourth quarter. Cerity Partners LLC now owns 277,230 shares of the software maker’s stock worth $25,723,000 after acquiring an additional 3,072 shares during the last quarter. Trek Financial LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $3,719,000. Finally, FMR LLC increased its stake in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Morgan Stanley initiated coverage on shares of Fortinet in a research report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target on the stock. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $105.77.

Fortinet Stock Down 5.3 %

Shares of NASDAQ FTNT opened at $84.71 on Monday. The firm has a 50 day moving average price of $102.59 and a 200 day moving average price of $94.00. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market cap of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts expect that Fortinet, Inc. will post 2.09 EPS 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.