Barlow Wealth Partners Inc. Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Barlow Wealth Partners Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 174,977 shares of the software maker’s stock after buying an additional 6,851 shares during the period. Fortinet accounts for about 2.1% of Barlow Wealth Partners Inc.’s holdings, making the stock its 21st largest holding. Barlow Wealth Partners Inc.’s holdings in Fortinet were worth $16,283,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. Eastern Bank acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. City State Bank raised its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in Fortinet during the 3rd quarter worth $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group increased their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $96.33.

Fortinet Stock Up 3.2 %

FTNT opened at $97.20 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $74.50 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The business’s fifty day moving average is $95.58 and its two-hundred day moving average is $81.10.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the firm earned $0.35 EPS. Analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the firm’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 transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was 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 valued at $6,469,056 over the last quarter. Insiders own 18.00% of the company’s stock.

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.