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

Union Bancaire Privee UBP SA purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 25,485 shares of the software maker’s stock, valued at approximately $2,449,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Eastern Bank purchased a new position in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% in 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 in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $46,000. Finally, R Squared Ltd acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 3.7 %

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 stock has a market cap of $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The business has a fifty day moving average of $100.12 and a 200-day moving average of $88.67. 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 (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 87,110 shares of company stock valued at $8,751,689 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Cantor Fitzgerald upped their target price on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Royal Bank of Canada upped their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. One research 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 stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $103.72.

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.