NewEdge Advisors LLC Has $2.97 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

NewEdge Advisors LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 50.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,481 shares of the software maker's stock after acquiring an additional 10,562 shares during the period. NewEdge Advisors LLC's holdings in Fortinet were worth $2,974,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Manchester Capital Management LLC grew its holdings in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC boosted its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after buying an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other news, Director William H. Neukom acquired 328 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,660 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 576,944 shares of company stock valued at $56,944,064. Company insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research reports. Robert W. Baird restated a "neutral" rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Baird R W cut Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. Wells Fargo & Company upped their price objective on Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Finally, Cantor Fitzgerald dropped their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $104.77.

Fortinet Trading Up 1.1 %

NASDAQ:FTNT traded up $1.12 during mid-day trading on Friday, hitting $101.84. 2,032,156 shares of the company's stock were exchanged, compared to its average volume of 5,078,499. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a 50 day simple moving average of $99.58 and a 200-day simple moving average of $95.68. The firm has a market capitalization of $78.31 billion, a P/E ratio of 45.06, a PEG ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current 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.