Fortinet, Inc. $FTNT Shares Acquired by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC has increased its stake in Fortinet, Inc. (NASDAQ: FTNT) by 75.1%, acquiring an additional 23,628 shares, bringing its total holdings to 55,109 shares valued at approximately $5.3 million.
• Several hedge funds have also made significant investments in Fortinet during the first quarter, with institutional investors now owning 83.71% of the company's stock.
• Fortinet recently reported earnings of $0.64 per share, exceeding analyst expectations, with revenues for the quarter up 13.6% year-over-year, totaling $1.63 billion.

NewEdge Advisors LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 75.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,109 shares of the software maker's stock after acquiring an additional 23,628 shares during the quarter. NewEdge Advisors LLC's holdings in Fortinet were worth $5,305,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Fortinet by 5.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,536,349 shares of the software maker's stock worth $147,893,000 after purchasing an additional 80,202 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Fortinet by 1.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 13,933 shares of the software maker's stock valued at $1,341,000 after acquiring an additional 194 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Fortinet by 18.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 104,685 shares of the software maker's stock valued at $10,077,000 after acquiring an additional 16,359 shares during the period. Gotham Asset Management LLC boosted its holdings in Fortinet by 91.7% during the 1st quarter. Gotham Asset Management LLC now owns 156,194 shares of the software maker's stock valued at $15,035,000 after acquiring an additional 74,708 shares during the period. Finally, Edmond DE Rothschild Holding S.A. boosted its holdings in Fortinet by 175.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 789 shares of the software maker's stock valued at $76,000 after acquiring an additional 503 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FTNT shares. TD Cowen reiterated a "hold" rating and issued a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. KeyCorp cut Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. decreased their price objective on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company decreased their price objective on Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Finally, Cowen cut Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $97.03.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Fortinet Stock Down 1.5%

FTNT stock traded down $1.21 during trading on Friday, hitting $79.68. 4,424,982 shares of the company's stock were exchanged, compared to its average volume of 7,074,259. The business has a 50-day moving average price of $89.66 and a two-hundred day moving average price of $96.78. The stock has a market capitalization of $61.06 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 3.01 and a beta of 1.13. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm's revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.