10,392 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Liberty Wealth Management LLC

Key Points

• Liberty Wealth Management LLC purchased 10,392 shares of Fortinet, Inc. valued at approximately $1,000,000, indicating growing institutional interest in the cybersecurity firm.
• Fortinet's recent quarterly earnings showed a 13.8% year-over-year increase in revenue, reporting $1.54 billion, and earnings per share of $0.58, surpassing analyst expectations.
• Wall Street analysts have mixed ratings on Fortinet, with an average target price of $107.00 and a consensus rating of "Hold."

Liberty Wealth Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,392 shares of the software maker's stock, valued at approximately $1,000,000.

A number of other institutional investors have also recently bought and sold shares of the business. Invesco Ltd. grew its position in shares of Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. FMR LLC grew its position in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares during the last quarter. Northern Trust Corp grew its position in shares of Fortinet by 17.2% in the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after purchasing an additional 951,233 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Fortinet by 3.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock valued at $565,953,000 after purchasing an additional 202,259 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.36 on Monday. The company has a market capitalization of $74.52 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 3.36 and a beta of 1.07. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a fifty day simple moving average of $103.27 and a 200 day simple moving average of $101.93. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business posted $0.43 earnings per share. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FTNT shares. Wells Fargo & Company boosted their price target on Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Morgan Stanley cut their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stifel Nicolaus cut their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada cut their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Finally, KeyCorp cut their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $107.00.

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.

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