Union Bancaire Privee UBP SA Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Union Bancaire Privee UBP SA purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 25,485 shares of the software maker’s stock, valued at approximately $2,449,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Eastern Bank purchased a new stake in Fortinet in the 3rd quarter worth about $25,000. Private Advisor Group LLC lifted its stake in Fortinet by 15.5% in the 3rd quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock worth $1,879,000 after acquiring an additional 3,253 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Fortinet by 8,011.1% in the 3rd quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock worth $21,506,000 after acquiring an additional 273,900 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Fortinet by 21.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock worth $1,239,000 after acquiring an additional 2,775 shares in the last quarter. Finally, Ballentine Partners LLC lifted its stake in Fortinet by 8.1% in the 3rd quarter. Ballentine Partners LLC now owns 7,550 shares of the software maker’s stock worth $586,000 after acquiring an additional 563 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $110.02 on Monday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $84.32 billion, a PE ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The business’s 50 day moving average is $100.12 and its 200-day moving average is $88.67. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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

Wall Street Analyst Weigh In

FTNT has been the subject of several research analyst reports. Stifel Nicolaus increased their price objective on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Jefferies Financial Group increased their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Truist Financial reaffirmed a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In related news, 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 completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 87,110 shares of company stock valued at $8,751,689. 18.00% of the stock is owned by corporate insiders.

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.