SVB Wealth LLC Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

SVB Wealth LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,296 shares of the software maker’s stock after buying an additional 888 shares during the quarter. SVB Wealth LLC’s holdings in Fortinet were worth $1,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fortinet by 24.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after purchasing an additional 76,027 shares in the last quarter. Raymond James Trust N.A. increased its holdings in Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after buying an additional 441 shares in the last quarter. Zions Bancorporation N.A. increased its holdings in Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after buying an additional 73 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in Fortinet by 209.4% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after buying an additional 1,049 shares during the last quarter. Finally, Covestor Ltd lifted its stake in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FTNT shares. Scotiabank boosted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. UBS Group boosted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Citigroup cut Fortinet from a “buy” rating to a “neutral” rating and increased their price target for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Truist Financial increased their target price on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $72.19.

Fortinet Stock Performance

Fortinet stock opened at $64.03 on Friday. The company’s 50-day moving average price is $68.64 and its 200-day moving average price is $61.52. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The company has a market cap of $48.86 billion, a PE ratio of 44.16, a price-to-earnings-growth ratio of 2.86 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business posted $0.38 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. On average, equities research analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

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.