Kestra Private Wealth Services LLC Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Kestra Private Wealth Services LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 117.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 13,953 shares of the software maker's stock after buying an additional 7,547 shares during the period. Kestra Private Wealth Services LLC's holdings in Fortinet were worth $1,318,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after buying an additional 107 shares during the period. Versant Capital Management Inc grew its position in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock valued at $104,000 after acquiring an additional 128 shares in the last quarter. Diversified Trust Co grew its position in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock valued at $2,254,000 after acquiring an additional 135 shares in the last quarter. Eagle Capital Management LLC grew its position in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after acquiring an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred 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 owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last 90 days. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Up 1.5 %

Shares of NASDAQ:FTNT traded up $1.66 during mid-day trading on Friday, reaching $111.64. 4,974,960 shares of the stock were exchanged, compared to its average volume of 4,073,400. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock's 50 day simple moving average is $98.60 and its 200-day simple moving average is $86.77. The company has a market cap of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a one year low of $54.57 and a one year high of $112.37.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on FTNT shares. Stifel Nicolaus increased their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research report on Friday, February 7th. UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Piper Sandler reissued an "overweight" rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. Finally, HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and raised their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $103.72.

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.