YHB Investment Advisors Inc. Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

YHB Investment Advisors Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 65,797 shares of the software maker’s stock after acquiring an additional 3,149 shares during the period. YHB Investment Advisors Inc.’s holdings in Fortinet were worth $6,217,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. State Street Corp grew its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Fortinet by 10.3% in 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. raised its stake in Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after acquiring an additional 68,852 shares during the last quarter. Finally, FMR LLC raised its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was 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 owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last quarter. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FTNT shares. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Scotiabank increased their price objective on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group upped their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Finally, Jefferies Financial Group lifted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.83.

Fortinet Stock Down 0.1 %

NASDAQ FTNT opened at $96.77 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The business’s fifty day simple moving average is $95.80 and its 200-day simple moving average is $82.16. The firm has a market cap of $74.17 billion, a PE ratio of 48.87, a P/E/G ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the previous year, the business posted $0.35 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current 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.