YHB Investment Advisors Inc. Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

YHB Investment Advisors Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,797 shares of the software maker’s stock after buying an additional 3,149 shares during the period. YHB Investment Advisors Inc.’s holdings in Fortinet were worth $6,217,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Fifth Third Wealth Advisors LLC lifted its stake in 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 acquiring an additional 107 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co grew its stake 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 purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC increased its holdings in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its stake in 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 buying an additional 141 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FTNT shares. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $96.83.

Fortinet Stock Performance

FTNT opened at $96.77 on Tuesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The stock has a market cap of $74.17 billion, a P/E ratio of 48.87, a P/E/G ratio of 2.58 and a beta of 1.00. The stock’s 50 day simple moving average is $95.80 and its 200 day simple moving average is $82.16. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter last year, the business posted $0.35 earnings per share. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

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.