Occidental Asset Management LLC Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Occidental Asset Management LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 30.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,725 shares of the software maker’s stock after purchasing an additional 865 shares during the quarter. Occidental Asset Management LLC’s holdings in Fortinet were worth $352,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% in the third 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 lifted its position in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new position in Fortinet in the 3rd quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.05 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The stock has a market capitalization of $72.08 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. The company’s 50-day moving average is $95.63 and its 200 day moving average is $80.10. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Analyst Ratings Changes

Several analysts have recently weighed in on FTNT shares. Truist Financial restated a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Wells Fargo & Company lifted their price target on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Scotiabank upped their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $94.35.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated 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 transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

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.