Golden State Wealth Management LLC Acquires Shares of 489 Fortinet, Inc. (NASDAQ:FTNT)

Golden State Wealth Management LLC bought a new position 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 fund bought 489 shares of the software maker’s stock, valued at approximately $46,000.

Other 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 during the 4th quarter worth about $265,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Fortinet by 2.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,550,733 shares of the software maker’s stock valued at $146,513,000 after purchasing an additional 37,009 shares during the last quarter. Trilogy Capital Inc. lifted its position in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares in the last quarter. 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 purchasing an additional 449 shares during the last quarter. Finally, Lion Street Advisors LLC boosted its holdings in shares of Fortinet by 29.1% in the 4th quarter. Lion Street Advisors LLC now owns 18,435 shares of the software maker’s stock valued at $1,742,000 after buying an additional 4,160 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 1.1 %

Shares of FTNT opened at $108.33 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. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $110.99. The firm has a market cap of $83.03 billion, a price-to-earnings ratio of 47.93, a PEG ratio of 2.75 and a beta of 1.01. The business’s fifty day moving average is $97.93 and its 200-day moving average is $85.67.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired 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 owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FTNT shares. Stifel Nicolaus lifted their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.77.

About Fortinet

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.