United Advisor Group LLC Buys Shares of 4,469 Fortinet, Inc. (NASDAQ:FTNT)

by · The Cerbat Gem

United Advisor Group LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,469 shares of the software maker’s stock, valued at approximately $347,000.

Other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB acquired a new position in Fortinet in the first quarter worth approximately $548,013,000. Marshall Wace LLP raised its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp grew its position in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Fortinet by 102.5% during the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 3.8 %

Shares of NASDAQ:FTNT opened at $80.87 on Thursday. The company’s fifty day moving average is $78.18 and its 200-day moving average is $67.73. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 52 week low of $47.66 and a 52 week high of $83.77. The company has a market capitalization of $61.86 billion, a PE ratio of 47.85, a P/E/G ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned $0.31 EPS. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on FTNT. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. Barclays lifted their target price on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Wedbush restated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. Finally, Morgan Stanley lowered their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $74.68.

View Our Latest Report on FTNT

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by insiders.

Fortinet Profile

(Free Report)

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.

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