1,000 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by NewSquare Capital LLC

NewSquare Capital LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, Holdings Channel reports. The fund acquired 1,000 shares of the software maker’s stock, valued at approximately $59,000.

A number of other hedge funds also recently bought and sold shares of FTNT. Nordea Investment Management AB raised its stake in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the period. Morgan Stanley raised its position in Fortinet by 1.3% during the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after buying an additional 108,548 shares during the period. Invesco Ltd. lifted its stake in Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after acquiring an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after acquiring an additional 153,119 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,139 shares of company stock worth $8,977,876. Insiders own 17.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FTNT shares. Sanford C. Bernstein assumed coverage on shares of Fortinet in a research report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. Piper Sandler reiterated a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their target price for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. UBS Group upped their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Finally, HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.43 during midday trading on Wednesday, hitting $65.23. The company’s stock had a trading volume of 1,530,787 shares, compared to its average volume of 5,795,067. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The stock has a market capitalization of $49.77 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 2.83 and a beta of 1.08. The stock’s 50 day simple moving average is $68.28 and its 200 day simple moving average is $61.67.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (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 analyst estimates of $1.41 billion. During the same quarter last year, the firm posted $0.38 EPS. The company’s revenue was up 10.3% on a year-over-year basis. As a group, research analysts anticipate that Fortinet, Inc. will post 1.39 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.