Accurate Wealth Management LLC Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Accurate Wealth Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 62.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,188 shares of the software maker’s stock after acquiring an additional 7,368 shares during the quarter. Accurate Wealth Management LLC’s holdings in Fortinet were worth $1,815,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank grew its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in Fortinet during the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Mizuho increased their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Wells Fargo & Company boosted their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group raised their price target on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Finally, TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $94.35.

Insider Buying and Selling

In related news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 44,816 shares of company stock worth $4,318,590 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $92.49 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. 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 company’s 50-day moving average price is $94.89 and its two-hundred day moving average price is $79.68. The stock has a market cap of $70.89 billion, a PE ratio of 46.71, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

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.