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

Arkadios Wealth Advisors boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the fourth quarter, Holdings Channel reports. The fund 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 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. FMR LLC boosted its stake in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was 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 directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $94.23 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The company 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 firm’s 50 day moving average is $95.68 and its 200-day moving average is $80.34.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Cantor Fitzgerald raised their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group raised their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Wedbush lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eighteen have given 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 currently has an average rating of “Hold” and an average target price of $95.16.

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.