Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 117.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,953 shares of the software maker’s stock after purchasing an additional 7,547 shares during the period. Kestra Private Wealth Services LLC’s holdings in Fortinet were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. State Street Corp boosted its holdings in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after acquiring an additional 68,852 shares during the last quarter. Finally, FMR LLC raised its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Robert W. Baird restated a “neutral” rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. UBS Group raised 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. Wells Fargo & Company lifted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Finally, BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $102.77.

Fortinet Stock Down 0.6 %

FTNT stock opened at $107.70 on Thursday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $110.99. The company has a market cap of $82.55 billion, a PE ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The business’s 50-day simple moving average is $98.12 and its 200 day simple moving average is $85.82. 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 (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, research analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last 90 days. 18.00% of the stock is owned by company insiders.

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.