Simon Quick Advisors LLC Takes $221,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Simon Quick Advisors LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,344 shares of the software maker’s stock, valued at approximately $221,000.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its stake in Fortinet by 2.4% in 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 acquiring an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet by 10.3% during the third 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 purchasing an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Finally, FMR LLC boosted its holdings in shares of 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 purchasing an additional 2,705,767 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Rosenblatt Securities lifted their target price on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday. Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $96.83.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, 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 valued at $6,469,056 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $96.90 on Friday. The stock’s 50 day moving average is $95.70 and its 200 day moving average is $81.59. The company has a market capitalization of $74.27 billion, a P/E ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. 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 (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during 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 last year, the business earned $0.35 EPS. On average, equities research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

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.