Accurate Wealth Management LLC Buys 1,551 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Accurate Wealth Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 15.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,820 shares of the software maker’s stock after acquiring an additional 1,551 shares during the period. Accurate Wealth Management LLC’s holdings in Fortinet were worth $977,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Parallel Advisors LLC increased its stake in shares of Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the last quarter. Simplicity Wealth LLC increased its position in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after buying an additional 180 shares during the period. Werlinich Asset Management LLC lifted its position in shares of Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after buying an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC grew its stake in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after acquiring an additional 185 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Royal Bank of Canada boosted their target price on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Barclays raised their price target on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley dropped their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $72.71.

Insider Buying and Selling

In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $81.07 on Friday. The firm has a market capitalization of $61.93 billion, a price-to-earnings ratio of 52.99, a PEG ratio of 2.84 and a beta of 1.00. The stock has a fifty day moving average of $76.78 and a 200 day moving average of $66.66. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company posted $0.31 EPS. As a group, research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current year.

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.