Evergreen Private Wealth LLC Has $1.72 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Evergreen Private Wealth LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1,501.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,209 shares of the software maker’s stock after acquiring an additional 17,072 shares during the period. Evergreen Private Wealth LLC’s holdings in Fortinet were worth $1,720,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. State Street Corp lifted its position in shares of Fortinet by 2.9% during 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 acquiring an additional 766,135 shares during the period. Geode Capital Management LLC lifted its position in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after acquiring an additional 156,766 shares during the period. Finally, 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 valued at $285,790,000 after acquiring an additional 2,705,767 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 87,120 shares of company stock valued at $8,991,409 over the last three months. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Robert W. Baird restated a “neutral” rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. 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. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. TD Cowen boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Price Performance

FTNT opened at $101.72 on Friday. The firm has a market cap of $78.22 billion, a P/E ratio of 45.01, a PEG ratio of 4.19 and a beta of 0.97. The firm has a 50-day moving average of $101.87 and a 200 day moving average of $90.57. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current 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.