NewEdge Wealth LLC Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

NewEdge Wealth LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.2% in the fourth quarter, Holdings Channel reports. The fund owned 381,206 shares of the software maker’s stock after buying an additional 4,501 shares during the period. NewEdge Wealth LLC’s holdings in Fortinet were worth $36,016,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its position in shares of Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after acquiring an additional 1,682,708 shares during the last quarter. State Street Corp raised its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC grew its position in Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, AustralianSuper Pty Ltd increased its stake in Fortinet by 1,084.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after purchasing an additional 601,801 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $109.02 on Thursday. The firm has a market capitalization of $83.56 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50 day moving average price of $100.85 and a 200 day moving average price of $89.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents 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 sold 69,460 shares of company stock valued at $7,063,290. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company raised their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $103.72.

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.