Arkadios Wealth Advisors Acquires 569 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Arkadios Wealth Advisors grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,463 shares of the software maker’s stock after acquiring an additional 569 shares during the period. Arkadios Wealth Advisors’ holdings in Fortinet were worth $3,634,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Eastern Bank bought a new stake in Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its position in 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 acquiring an additional 173 shares in the last quarter. City State Bank grew its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last quarter. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 0.2 %

Shares of Fortinet stock opened at $94.23 on Friday. The stock has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50-day simple moving average of $95.68 and a 200 day simple moving average of $80.34. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Citigroup upped their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Finally, Rosenblatt Securities upped their price objective on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $95.16.

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.