Jacksonville Wealth Management LLC Invests $1.08 Million in Fortinet, Inc. (NASDAQ:FTNT)

Jacksonville Wealth Management LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,441 shares of the software maker’s stock, valued at approximately $1,081,000. Fortinet makes up approximately 1.0% of Jacksonville Wealth Management LLC’s portfolio, making the stock its 23rd biggest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the third quarter valued at about $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 worth $32,000 after buying an additional 173 shares in the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the 3rd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of several research reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. BMO Capital Markets increased their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. TD Cowen upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued 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 a consensus price target of $96.83.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 in the last quarter. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $96.90 on Friday. The stock has a market capitalization of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business’s fifty day moving average price is $95.70 and its 200-day moving average price is $81.74.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.