Bank Julius Baer & Co. Ltd Zurich Buys 4,997 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bank Julius Baer & Co. Ltd Zurich grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.4% in the 4th quarter, Holdings Channel reports. The fund owned 375,080 shares of the software maker’s stock after purchasing an additional 4,997 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Fortinet were worth $37,467,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $26,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $46,000. Private Trust Co. NA raised its stake in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares in the last quarter. R Squared Ltd bought a new stake in Fortinet during the 4th quarter worth $65,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 0.4 %

Shares of Fortinet stock opened at $101.28 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average of $102.06 and a two-hundred day moving average of $90.93. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The stock has a market cap of $77.88 billion, a PE ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 87,120 shares of company stock valued at $8,991,409. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Truist Financial restated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Royal Bank of Canada increased their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $103.72.

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.