Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by United Asset Strategies Inc.

United Asset Strategies Inc. raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 37,000 shares of the software maker’s stock after buying an additional 549 shares during the quarter. United Asset Strategies Inc.’s holdings in Fortinet were worth $2,869,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC increased its position in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the period. Simplicity Wealth LLC raised its stake in shares of Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares in the last quarter. Werlinich Asset Management LLC lifted its holdings in shares of Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after buying an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its stake in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.4 %

Shares of NASDAQ FTNT traded down $0.30 on Thursday, reaching $78.44. 996,655 shares of the company traded hands, compared to its average volume of 5,420,906. The stock has a market capitalization of $60.00 billion, a PE ratio of 46.47, a P/E/G ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company has a 50 day moving average of $77.90 and a 200 day moving average of $67.30.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,250 shares of company stock worth $6,790,149. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on FTNT shares. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Susquehanna increased their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Rosenblatt Securities boosted their price objective on shares of Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday. TD Cowen increased their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $74.68.

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.