RWA Wealth Partners LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

RWA Wealth Partners LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 110,789 shares of the software maker's stock, valued at approximately $6,484,000.

Several other large investors have also modified their holdings of the business. Nordea Investment Management AB boosted its holdings in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker's stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the period. Morgan Stanley boosted its holdings in shares of Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker's stock valued at $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. boosted its holdings in shares of Fortinet by 5.1% in the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker's stock valued at $328,350,000 after purchasing an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fortinet by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker's stock valued at $222,345,000 after purchasing an additional 153,119 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Fortinet by 79.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker's stock valued at $209,853,000 after purchasing an additional 1,585,236 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on FTNT shares. Daiwa Capital Markets raised shares of Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 price objective for the company in a research note on Tuesday, February 13th. Piper Sandler reissued a "neutral" rating and issued a $75.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Cantor Fitzgerald reissued a "neutral" rating and issued a $65.00 price objective on shares of Fortinet in a research note on Wednesday, April 17th. Scotiabank boosted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, February 7th. Finally, StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $72.19.

Fortinet Stock Performance

NASDAQ:FTNT traded up $1.11 during mid-day trading on Tuesday, hitting $64.80. The company's stock had a trading volume of 3,540,044 shares, compared to its average volume of 5,850,670. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a market cap of $49.44 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 2.81 and a beta of 1.08. The business's fifty day moving average is $68.28 and its two-hundred day moving average is $61.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The firm's revenue was up 10.3% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares of the company's stock, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Ken Xie sold 23,992 shares of the company's stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the company's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company's stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock valued at $8,977,876 in the last ninety days. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Company 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.