Union Bancaire Privee UBP SA Invests $2.45 Million in Fortinet, Inc. (NASDAQ:FTNT)

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

Other large investors have also added to or reduced their stakes in the company. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC grew its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank increased its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in Fortinet in the third quarter worth about $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Scotiabank raised their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday, January 21st. The Goldman Sachs Group boosted their price target on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $96.83.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $96.77 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company’s fifty day moving average price is $95.80 and its 200-day moving average price is $82.16. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a market capitalization of $74.17 billion, a PE ratio of 48.87, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the previous year, the company earned $0.35 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

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.