Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,990,190 shares of the software maker's stock after acquiring an additional 202,259 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.78% of Fortinet worth $565,953,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter valued at about $27,000. Oarsman Capital Inc. boosted its stake in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the period. Graney & King LLC purchased a new position in shares of Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA purchased a new position in shares of Fortinet in the 4th quarter valued at about $43,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Fortinet in the 4th quarter valued at about $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 0.0%

NASDAQ:FTNT opened at $104.79 on Wednesday. The firm has a market cap of $80.21 billion, a P/E ratio of 46.37, a PEG ratio of 4.19 and a beta of 1.16. 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 stock's 50 day simple moving average is $98.89 and its 200-day simple moving average is $98.65. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. Royal Bank of Canada decreased their price objective 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. Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. Wells Fargo & Company decreased their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Robert W. Baird boosted their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, BMO Capital Markets decreased their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $104.80.

Insider Buying and Selling

In related news, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 326,784 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 715,478 shares of company stock valued at $71,467,247 over the last quarter. Company insiders own 17.20% of the company's stock.

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.

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