RWA Wealth Partners LLC Buys Shares of 110,789 Fortinet, Inc. (NASDAQ:FTNT)

RWA Wealth Partners LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 110,789 shares of the software maker’s stock, valued at approximately $6,484,000.

Other hedge funds also recently made changes to their positions in the company. Cito Capital Group LLC bought a new position in shares of Fortinet during the third quarter worth about $660,000. Vontobel Holding Ltd. raised its position in shares of Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after acquiring an additional 38,751 shares during the last quarter. Alamar Capital Management LLC raised its position in shares of Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after acquiring an additional 7,110 shares during the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in Fortinet during the fourth quarter worth approximately $1,487,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.1 %

Shares of NASDAQ FTNT opened at $63.73 on Tuesday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business’s fifty day moving average price is $68.37 and its 200-day moving average price is $61.64. The stock has a market capitalization of $48.63 billion, a PE ratio of 43.92, a P/E/G ratio of 2.81 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock valued at $8,977,876 in the last 90 days. Insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on FTNT shares. Royal Bank of Canada raised their target price on Fortinet from $60.00 to $71.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 7th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Jefferies Financial Group decreased their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $65.00 target price on shares of Fortinet in a research note on Wednesday, April 17th. Finally, Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $72.19.

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.