Golden State Wealth Management LLC Invests $46,000 in Fortinet, Inc. (NASDAQ:FTNT)

Golden State Wealth Management LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, Holdings Channel.com reports. The firm bought 489 shares of the software maker’s stock, valued at approximately $46,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ameliora Wealth Management Ltd. acquired a new position in shares of Fortinet in the 4th quarter worth approximately $265,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Fortinet by 2.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,550,733 shares of the software maker’s stock worth $146,513,000 after buying an additional 37,009 shares during the last quarter. Trilogy Capital Inc. lifted its holdings in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after buying an additional 3,544 shares during the period. Money Concepts Capital Corp boosted its position in Fortinet by 2.6% during the fourth quarter. Money Concepts Capital Corp now owns 17,701 shares of the software maker’s stock valued at $1,672,000 after acquiring an additional 449 shares during the last quarter. Finally, Lion Street Advisors LLC grew its holdings in Fortinet by 29.1% during the 4th quarter. Lion Street Advisors LLC now owns 18,435 shares of the software maker’s stock worth $1,742,000 after acquiring an additional 4,160 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 1.1 %

FTNT stock opened at $108.33 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The stock has a market cap of $83.03 billion, a P/E ratio of 47.93, a P/E/G ratio of 2.75 and a beta of 1.01. The stock’s fifty day simple moving average is $97.93 and its two-hundred day simple moving average is $85.67. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last quarter. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FTNT shares. BMO Capital Markets boosted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Stifel Nicolaus boosted their price target on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Wedbush lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Finally, Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.77.

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.