Lineweaver Wealth Advisors LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Lineweaver Wealth Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,221 shares of the software maker’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of 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 purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter valued at $46,000. R Squared Ltd bought a new stake in shares of Fortinet during the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC grew its position in Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 0.9 %

FTNT stock opened at $109.02 on Thursday. The company has a 50 day moving average of $100.85 and a two-hundred day moving average of $89.36. The company has a market cap of $83.56 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Wedbush raised 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. Stifel Nicolaus boosted their price objective on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.72.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. 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 the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,460 shares of company stock worth $7,063,290 in the last three months. 18.00% of the stock is owned by insiders.

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.