Fortinet, Inc. $FTNT Shares Newly Acquired by Kestra Investment Management LLC

Kestra Investment Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,266 shares of the software maker’s stock, valued at approximately $1,120,000.

A number of other institutional investors have also made changes to their positions in FTNT. BlackRock Inc. purchased a new position in shares of Fortinet during the 2nd quarter worth approximately $9,561,650,000. First Trust Advisors LP raised its position in Fortinet by 45.5% in the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after purchasing an additional 3,598,487 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Fortinet by 87.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the period. Bank of New York Mellon Corp purchased a new stake in Fortinet in the second quarter valued at approximately $1,432,842,000. Finally, Legal & General Group Plc acquired a new position in Fortinet during the second quarter worth $979,062,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, COO John Whittle sold 53,865 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $165.44, for a total value of $8,911,425.60. Following the sale, the chief operating officer owned 96,987 shares of the company’s stock, valued at $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $129.49, for a total transaction of $404,138.29. Following the completion of the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,284,328,436.40. This represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 221,304 shares of company stock worth $30,675,309. 17.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FTNT shares. Truist Financial set a $175.00 price target on Fortinet and gave the stock a “buy” rating in a research report on Thursday, October 29th. Weiss Ratings downgraded Fortinet from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Stephens increased their target price on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Yorkville Ives began coverage on Fortinet in a research note on Tuesday, October 6th. They set an “outperform” rating and a $225.00 target price on the stock. Finally, Robert W. Baird set a $165.00 target price on Fortinet and gave the company a “neutral” rating in a report on Thursday, July 30th. Eleven analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $150.44.

Fortinet Stock Performance

Shares of FTNT stock opened at $123.57 on Wednesday. The firm has a 50 day moving average of $166.24 and a two-hundred day moving average of $129.96. The stock has a market capitalization of $90.79 billion, a PE ratio of 40.12, a P/E/G ratio of 2.35 and a beta of 1.04. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $197.13.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the firm earned $0.74 earnings per share. On average, research analysts predict that Fortinet, Inc. will post 3.21 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.