Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by UNIVEST FINANCIAL Corp

UNIVEST FINANCIAL Corp raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 73,339 shares of the software maker’s stock after acquiring an additional 159 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Fortinet were worth $6,929,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Advisors Asset Management Inc. increased its stake in Fortinet by 11.1% during the third quarter. Advisors Asset Management Inc. now owns 19,580 shares of the software maker’s stock worth $1,518,000 after acquiring an additional 1,955 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Fortinet by 29.3% during the third quarter. Fisher Asset Management LLC now owns 37,010 shares of the software maker’s stock valued at $2,870,000 after acquiring an additional 8,392 shares during the last quarter. Independent Advisor Alliance raised its stake in shares of Fortinet by 5.9% in the 3rd quarter. Independent Advisor Alliance now owns 19,480 shares of the software maker’s stock valued at $1,511,000 after acquiring an additional 1,087 shares during the period. Loomis Sayles & Co. L P lifted its holdings in shares of Fortinet by 97.5% in the 3rd quarter. Loomis Sayles & Co. L P now owns 7,086 shares of the software maker’s stock worth $550,000 after acquiring an additional 3,499 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in Fortinet by 9.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,816 shares of the software maker’s stock valued at $296,000 after purchasing an additional 336 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FTNT. Stifel Nicolaus lifted their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Royal Bank of Canada boosted their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Mizuho raised their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Citigroup raised their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Up 2.3 %

Shares of Fortinet stock opened at $102.09 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a market capitalization of $78.50 billion, a PE ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a 50-day moving average of $102.65 and a 200-day moving average of $92.89.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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%. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.