Orion Portfolio Solutions LLC Takes $674,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Orion Portfolio Solutions LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,309 shares of the software maker’s stock, valued at approximately $674,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Valmark Advisers Inc. increased its stake in shares of Fortinet by 3.2% during the third quarter. Valmark Advisers Inc. now owns 955 shares of the software maker’s stock valued at $279,000 after buying an additional 30 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Fortinet by 0.6% during the second quarter. Thrivent Financial for Lutherans now owns 5,936 shares of the software maker’s stock valued at $1,414,000 after buying an additional 36 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Fortinet by 2.9% during the second quarter. Hexagon Capital Partners LLC now owns 1,327 shares of the software maker’s stock valued at $316,000 after buying an additional 37 shares during the period. First National Bank of South Miami increased its stake in shares of Fortinet by 4.9% during the third quarter. First National Bank of South Miami now owns 830 shares of the software maker’s stock valued at $242,000 after buying an additional 39 shares during the period. Finally, Private Portfolio Partners LLC increased its stake in shares of Fortinet by 2.4% during the third quarter. Private Portfolio Partners LLC now owns 1,715 shares of the software maker’s stock valued at $501,000 after buying an additional 40 shares during the period. 67.27% of the stock is currently owned by hedge funds and other institutional investors.

In other Fortinet news, CFO Keith Jensen sold 7,992 shares of the firm’s stock in a transaction on Wednesday, November 24th. The stock was sold at an average price of $330.00, for a total transaction of $2,637,360.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP John Whittle sold 2,410 shares of the firm’s stock in a transaction on Thursday, October 21st. The stock was sold at an average price of $331.47, for a total value of $798,842.70. The disclosure for this sale can be found here. Insiders sold a total of 18,863 shares of company stock valued at $6,257,004 over the last ninety days. Corporate insiders own 18.60% of the company’s stock.

FTNT stock opened at $312.54 on Friday. Fortinet, Inc. has a fifty-two week low of $143.63 and a fifty-two week high of $371.77. The business’s 50-day moving average is $331.98 and its two-hundred day moving average is $309.00. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.72 and a current ratio of 1.80. The company has a market cap of $51.10 billion, a price-to-earnings ratio of 94.14, a P/E/G ratio of 6.13 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.05. The firm had revenue of $867.20 million during the quarter, compared to analysts’ expectations of $812.21 million. Fortinet had a return on equity of 47.46% and a net margin of 17.74%. The firm’s revenue was up 33.2% on a year-over-year basis. During the same quarter last year, the business posted $0.58 earnings per share. Equities analysts predict that Fortinet, Inc. will post 2.85 earnings per share for the current year.

Several brokerages recently weighed in on FTNT. Royal Bank of Canada upped their price target on Fortinet from $248.00 to $347.00 and gave the stock a “sector perform” rating in a research note on Friday, November 5th. Morgan Stanley upped their price target on Fortinet from $230.00 to $295.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 12th. Cowen upped their price target on Fortinet from $385.00 to $425.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Barclays upped their price target on Fortinet from $320.00 to $355.00 and gave the stock an “equal weight” rating in a research note on Friday, November 5th. Finally, Raymond James upped their price target on Fortinet from $295.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $325.05.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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