OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires Shares of 2,537 Fortinet, Inc. (NASDAQ:FTNT)

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,537 shares of the software maker’s stock, valued at approximately $240,000.

A number of other large investors have also made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares during the period. Graney & King LLC purchased a new position in shares of Fortinet during the fourth quarter valued at $43,000. Banque Transatlantique SA acquired a new position in Fortinet during the fourth quarter valued at $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter worth about $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the company’s stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock worth $74,135,907 in the last ninety days. 17.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 target price on the stock. Susquehanna boosted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Wells Fargo & Company dropped their price objective on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Finally, Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.80.

Fortinet Stock Down 1.7%

Fortinet stock opened at $103.23 on Thursday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm has a fifty day moving average price of $98.27 and a two-hundred day moving average price of $97.83. The firm has a market cap of $79.01 billion, a price-to-earnings ratio of 45.68, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.43 EPS. As a group, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.