United Asset Strategies Inc. Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

United Asset Strategies Inc. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 37,000 shares of the software maker’s stock after acquiring an additional 549 shares during the period. United Asset Strategies Inc.’s holdings in Fortinet were worth $2,869,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB lifted its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP grew its position in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock worth $6,790,149 over the last 90 days. 18.00% of the stock is owned by insiders.

Fortinet Stock Down 0.4 %

Shares of NASDAQ:FTNT traded down $0.30 during trading hours on Thursday, reaching $78.44. The stock had a trading volume of 996,655 shares, compared to its average volume of 5,420,906. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77. The firm’s 50 day moving average is $77.90 and its 200-day moving average is $67.30. The stock has a market capitalization of $60.00 billion, a price-to-earnings ratio of 46.47, a P/E/G ratio of 2.92 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. Research analysts predict that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a report on Thursday, October 17th. Truist Financial raised their price objective on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays boosted their target price on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Finally, UBS Group increased their price objective on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $74.68.

Fortinet 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.