Three Seasons Wealth LLC Acquires New Position in Fortinet, Inc. (NASDAQ:FTNT)

Three Seasons Wealth LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,123 shares of the software maker's stock, valued at approximately $390,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the fourth quarter valued at about $27,000. Oarsman Capital Inc. raised its position in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $43,000. Golden State Wealth Management LLC acquired a new stake in Fortinet during the fourth quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in Fortinet during the fourth quarter worth about $56,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Cantor Fitzgerald cut their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Finally, Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $104.77.

Fortinet Stock Down 1.1 %

Shares of NASDAQ:FTNT traded down $1.17 during trading on Wednesday, hitting $103.04. 1,800,303 shares of the company were exchanged, compared to its average volume of 5,065,315. The firm's 50 day moving average price is $98.89 and its 200-day moving average price is $96.24. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $79.24 billion, a P/E ratio of 45.59, a PEG ratio of 4.19 and a beta of 1.09.

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