Fifth Third Wealth Advisors LLC Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fifth Third Wealth Advisors LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,833 shares of the software maker’s stock after acquiring an additional 107 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Fortinet were worth $646,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% in the 3rd 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 during the period. City State Bank boosted its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $46,000. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last three months. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 1.1 %

Shares of NASDAQ:FTNT opened at $94.05 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $72.08 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. The business’s 50-day moving average is $95.43 and its 200 day moving average is $80.00. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FTNT shares. Robert W. Baird raised their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Stifel Nicolaus lifted their target price on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Truist Financial restated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $94.35.

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.