Union Bancaire Privee UBP SA Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Union Bancaire Privee UBP SA acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 25,485 shares of the software maker’s stock, valued at approximately $2,449,000.

Several other institutional investors and hedge funds also recently bought and sold shares of FTNT. Fifth Third Wealth Advisors LLC grew its holdings in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the last quarter. Versant Capital Management Inc grew its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares in the last quarter. Diversified Trust Co increased its position in shares of Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the period. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its holdings in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on FTNT. JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Truist Financial restated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird upped their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $96.83.

Fortinet Trading Down 0.1 %

Fortinet stock opened at $96.77 on Tuesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The stock has a 50-day moving average price of $95.80 and a 200 day moving average price of $82.16. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $74.17 billion, a price-to-earnings ratio of 48.87, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the prior year, the firm earned $0.35 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Company 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.