15,903 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Alteri Wealth LLC

Alteri Wealth LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 15,903 shares of the software maker's stock, valued at approximately $1,503,000.

A number of other hedge funds also recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. lifted its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet during the 4th quarter worth $43,000. Golden State Wealth Management LLC acquired a new position in Fortinet in the 4th quarter valued at about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at about $56,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Roth Capital set a $103.00 price target on Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Rosenblatt Securities upped their target price on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Cantor Fitzgerald cut their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company boosted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $107.07.

Fortinet Stock Performance

Fortinet stock traded down $1.36 during mid-day trading on Tuesday, reaching $107.33. The company's stock had a trading volume of 4,769,967 shares, compared to its average volume of 4,978,588. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business has a 50 day moving average price of $98.64 and a 200-day moving average price of $97.08. The firm has a market cap of $82.08 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Fortinet 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.