True Wealth Design LLC Has $167,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

True Wealth Design LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 12.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,772 shares of the software maker’s stock after purchasing an additional 198 shares during the quarter. True Wealth Design LLC’s holdings in Fortinet were worth $167,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet in the 4th quarter worth $27,000. Oarsman Capital Inc. lifted its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in Fortinet during the 4th quarter worth about $43,000. Banque Transatlantique SA bought a new stake in Fortinet during the 4th quarter worth about $43,000. Finally, Golden State Wealth Management LLC bought a new stake in Fortinet during the 4th quarter worth about $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FTNT. DZ Bank raised shares of Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Scotiabank cut their price target on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company cut their price target on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 8th. Finally, BMO Capital Markets cut their price target on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.80.

Fortinet Stock Performance

NASDAQ FTNT opened at $104.59 on Friday. The company’s 50 day moving average is $98.53 and its 200-day moving average is $98.29. 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. The firm has a market cap of $80.05 billion, a P/E ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 738,978 shares of company stock valued at $74,135,907. Company insiders own 17.20% of the company’s stock.

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.