Wedmont Private Capital Purchases 3,470 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wedmont Private Capital boosted its position in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 484.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,187 shares of the software maker’s stock after buying an additional 3,470 shares during the period. Wedmont Private Capital’s holdings in Fortinet were worth $237,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in Fortinet during the 4th quarter worth approximately $25,000. GW&K Investment Management LLC bought a new stake in Fortinet during the 1st quarter worth approximately $25,000. Atwood & Palmer Inc. bought a new stake in Fortinet during the 1st quarter worth approximately $26,000. Riverview Trust Co bought a new stake in Fortinet during the 1st quarter worth approximately $33,000. Finally, Catalyst Capital Advisors LLC bought a new stake in Fortinet during the 1st quarter worth approximately $39,000. 65.72% of the stock is owned by institutional investors.

Fortinet Price Performance

Fortinet stock opened at $50.77 on Wednesday. Fortinet, Inc. has a 12 month low of $47.37 and a 12 month high of $74.35. The company has a current ratio of 1.12, a quick ratio of 1.05 and a debt-to-equity ratio of 4.24. The business’s 50 day simple moving average is $54.02 and its 200 day simple moving average is $59.51. The company has a market cap of $40.03 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 3.58 and a beta of 1.20.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 8,267 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total transaction of $501,310.88. Following the sale, the vice president now owns 29,772,120 shares of the company’s stock, valued at approximately $1,805,381,356.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, VP Michael Xie sold 8,267 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total transaction of $501,310.88. Following the sale, the vice president now owns 29,772,120 shares of the company’s stock, valued at approximately $1,805,381,356.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 39,440 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the sale, the chief financial officer now directly owns 4,541 shares in the company, valued at approximately $229,638.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,207 shares of company stock worth $2,839,577. Insiders own 18.80% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent research reports. UBS Group decreased their price objective on Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, August 4th. MKM Partners started coverage on Fortinet in a research note on Thursday, September 15th. They issued a “buy” rating and a $70.00 target price on the stock. Atlantic Securities started coverage on Fortinet in a research note on Friday, September 2nd. They issued an “overweight” rating and a $76.00 target price on the stock. Jefferies Financial Group started coverage on Fortinet in a research note on Thursday, September 15th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, BMO Capital Markets cut their target price on Fortinet from $70.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, August 4th. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Moderate Buy” and an average target price of $71.84.

About Fortinet

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Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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