Meridian Wealth Management LLC Purchases Shares of 8,338 Fortinet, Inc. (NASDAQ:FTNT)

Meridian Wealth Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,338 shares of the software maker’s stock, valued at approximately $647,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Activest Wealth Management acquired a new stake in shares of Fortinet during the third quarter worth $400,000. Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares during the period. Banco Santander S.A. increased its position in shares of Fortinet by 21.8% during the third quarter. Banco Santander S.A. now owns 292,065 shares of the software maker’s stock worth $22,650,000 after buying an additional 52,327 shares during the period. Navellier & Associates Inc. acquired a new stake in shares of Fortinet during the third quarter worth $204,000. Finally, Intech Investment Management LLC increased its position in shares of Fortinet by 84.5% during the third quarter. Intech Investment Management LLC now owns 370,773 shares of the software maker’s stock worth $28,753,000 after buying an additional 169,864 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $92.77 on Monday. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 2.73 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 $50.65 and a 52 week high of $100.59. The firm’s 50-day simple moving average is $82.45 and its two-hundred day simple moving average is $70.45.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Finally, UBS Group lifted their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $88.93.

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.