NewEdge Advisors LLC Purchases 10,562 Shares of Fortinet, Inc. (NASDAQ:FTNT)

NewEdge Advisors LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 50.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,481 shares of the software maker’s stock after acquiring an additional 10,562 shares during the quarter. NewEdge Advisors LLC’s holdings in Fortinet were worth $2,974,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FTNT. Evergreen Capital Management LLC raised its holdings in shares of Fortinet by 2.0% during the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock worth $590,000 after acquiring an additional 124 shares in the last quarter. Jump Financial LLC grew its holdings in shares of Fortinet by 98.1% in the fourth quarter. Jump Financial LLC now owns 169,967 shares of the software maker’s stock worth $16,058,000 after purchasing an additional 84,159 shares during the last quarter. Bridgewater Associates LP increased its position in shares of Fortinet by 364.9% during the fourth quarter. Bridgewater Associates LP now owns 933,694 shares of the software maker’s stock worth $88,215,000 after acquiring an additional 732,872 shares during the period. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in Fortinet during the 4th quarter valued at $44,329,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Fortinet in the fourth quarter valued at about $977,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 576,944 shares of company stock worth $56,944,064. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 0.1 %

Shares of FTNT opened at $96.13 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a fifty day simple moving average of $100.70 and a two-hundred day simple moving average of $95.41. The company has a market capitalization of $73.92 billion, a PE ratio of 42.54, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

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

Analyst Ratings Changes

A number of analysts have weighed in on FTNT shares. UBS Group set a $123.00 target price on Fortinet in a report on Tuesday, March 18th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. Cantor Fitzgerald increased their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Finally, Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $105.17.

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.