UNIVEST FINANCIAL Corp Has $6.93 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

UNIVEST FINANCIAL Corp increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,339 shares of the software maker’s stock after acquiring an additional 159 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Fortinet were worth $6,929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter valued at $46,000. Runnymede Capital Advisors Inc. bought a new position in Fortinet in the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA increased its position in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA raised its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. Finally, R Squared Ltd acquired a new position in Fortinet during the 4th quarter valued at about $65,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 2.3 %

Shares of FTNT opened at $102.09 on Wednesday. The firm has a market cap of $78.50 billion, a P/E ratio of 45.17, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business has a 50-day moving average of $102.65 and a 200 day moving average of $92.89.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last three months. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of recent analyst reports. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Rosenblatt Securities increased their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Stifel Nicolaus increased their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $105.69.

Fortinet Profile

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.