Lake Street Private Wealth LLC Makes New $235,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Lake Street Private Wealth LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,485 shares of the software maker’s stock, valued at approximately $235,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI boosted its holdings in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC grew its position in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the period. Forsta AP Fonden increased its holdings in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Fortinet in the third quarter worth about $10,343,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.2 %

Shares of NASDAQ:FTNT opened at $94.23 on Friday. The firm has a market capitalization of $72.22 billion, a PE ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The firm has a fifty day moving average of $95.68 and a 200 day moving average of $80.47.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTNT. Wells Fargo & Company increased their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group increased their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Robert W. Baird upped their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald increased their price target on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus upped their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $96.17.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last 90 days. Insiders own 18.00% of the company’s stock.

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.