Fortinet, Inc. $FTNT Shares Newly Purchased by Kestra Investment Management LLC

Kestra Investment Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 6,266 shares of the software maker’s stock, valued at approximately $1,120,000.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. Puff Wealth Management LLC raised its position in shares of Fortinet by 3.4% during the 3rd quarter. Puff Wealth Management LLC now owns 1,660 shares of the software maker’s stock worth $297,000 after acquiring an additional 54 shares in the last quarter. Columbus Macro LLC lifted its stake in Fortinet by 1.9% during the third quarter. Columbus Macro LLC now owns 2,981 shares of the software maker’s stock worth $533,000 after purchasing an additional 55 shares during the last quarter. Signaturefd LLC boosted its holdings in Fortinet by 0.3% in the third quarter. Signaturefd LLC now owns 19,581 shares of the software maker’s stock valued at $3,500,000 after purchasing an additional 59 shares in the last quarter. Hutchens & Kramer Investment Management Group LLC boosted its holdings in Fortinet by 1.9% in the third quarter. Hutchens & Kramer Investment Management Group LLC now owns 3,525 shares of the software maker’s stock valued at $630,000 after purchasing an additional 66 shares in the last quarter. Finally, Kintegral Advisory LLC boosted its holdings in Fortinet by 0.6% in the third quarter. Kintegral Advisory LLC now owns 12,648 shares of the software maker’s stock valued at $2,261,000 after purchasing an additional 71 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 0.9%

FTNT opened at $123.57 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $197.13. The business’s 50 day moving average is $166.24 and its two-hundred day moving average is $129.96. The firm has a market cap of $90.79 billion, a price-to-earnings ratio of 40.12, a price-to-earnings-growth ratio of 2.35 and a beta of 1.04.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. On average, research analysts predict that Fortinet, Inc. will post 3.21 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,121 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the transaction, the vice president directly owned 9,918,360 shares of the company’s stock, valued at approximately $1,284,328,436.40. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 2,835 shares of Fortinet stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the completion of the transaction, the chief operating officer owned 96,987 shares in the company, valued at approximately $16,365,586.38. This represents a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 221,304 shares of company stock worth $30,675,309 in the last 90 days. 17.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. HC Wainwright reissued a “buy” rating on shares of Fortinet in a report on Thursday, July 30th. Guggenheim restated a “buy” rating on shares of Fortinet in a report on Thursday, October 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Thursday, October 29th. Morgan Stanley reaffirmed a “positive” rating and issued a $136.00 target price (up from $133.00) on shares of Fortinet in a research report on Thursday, July 30th. Finally, Mizuho set a $118.00 price target on shares of Fortinet in a research note on Thursday, October 29th. Eleven analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $150.44.

Fortinet Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.