SVB Wealth LLC Has $1.19 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

SVB Wealth LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,296 shares of the software maker’s stock after acquiring an additional 888 shares during the quarter. SVB Wealth LLC’s holdings in Fortinet were worth $1,188,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Cito Capital Group LLC bought a new stake in shares of Fortinet in the third quarter valued at approximately $660,000. Vontobel Holding Ltd. lifted its position in shares of Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after acquiring an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares in the last quarter. Alamar Capital Management LLC increased its position in shares of Fortinet by 12.5% in the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after purchasing an additional 7,110 shares during the period. Finally, Marshall Financial Group LLC acquired a new position in Fortinet in the fourth quarter valued at about $1,487,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. Susquehanna reissued a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. UBS Group boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Morgan Stanley raised their target price on Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. The Goldman Sachs Group boosted their price target on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Finally, Mizuho raised their price objective on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock valued at $8,977,876 over the last ninety days. 17.54% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT opened at $64.03 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm’s fifty day simple moving average is $68.64 and its two-hundred day simple moving average is $61.52. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a market capitalization of $48.86 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 2.86 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 EPS. As a group, analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

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.