NewEdge Wealth LLC Has $36.44 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• NewEdge Wealth LLC reduced its stake in Fortinet, Inc. by 0.7% to 378,524 shares, valuing their holdings at approximately $36.44 million.
• Corporate insiders own 17.20% of Fortinet’s stock, with director William H. Neukom recently purchasing 335 shares, increasing his stake.
• Fortinet has seen a 2.5% decline in stock value, and its latest earnings report indicated an EPS of $0.58, beating expectations by $0.05.

NewEdge Wealth LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 378,524 shares of the software maker's stock after selling 2,682 shares during the quarter. NewEdge Wealth LLC's holdings in Fortinet were worth $36,437,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Raiffeisen Bank International AG boosted its holdings in Fortinet by 304.7% during the first quarter. Raiffeisen Bank International AG now owns 60,221 shares of the software maker's stock worth $5,817,000 after purchasing an additional 45,342 shares during the last quarter. Smithfield Trust Co lifted its position in Fortinet by 10.8% during the 1st quarter. Smithfield Trust Co now owns 2,621 shares of the software maker's stock worth $251,000 after buying an additional 256 shares in the last quarter. Fairfield Financial Advisors LTD boosted its stake in shares of Fortinet by 10.0% during the 1st quarter. Fairfield Financial Advisors LTD now owns 2,980 shares of the software maker's stock worth $287,000 after buying an additional 270 shares during the last quarter. Manchester Capital Management LLC grew its holdings in shares of Fortinet by 18.1% in the 1st quarter. Manchester Capital Management LLC now owns 996 shares of the software maker's stock valued at $96,000 after acquiring an additional 153 shares in the last quarter. Finally, Liberty Wealth Management LLC acquired a new stake in shares of Fortinet in the first quarter valued at about $1,000,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 17.20% of the company's stock.

Fortinet Stock Down 2.5%

FTNT stock opened at $97.36 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business has a 50-day simple moving average of $103.27 and a 200 day simple moving average of $101.88. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a market cap of $74.52 billion, a PE ratio of 40.07, a price-to-earnings-growth ratio of 3.36 and a beta of 1.08.

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

Analyst Ratings Changes

Several research analysts recently commented on FTNT shares. Wells Fargo & Company increased their price target on Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Royal Bank Of Canada cut their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Monday, July 28th. Finally, Morgan Stanley cut their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $107.00.

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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