Kestra Private Wealth Services LLC Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Kestra Private Wealth Services LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 117.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,953 shares of the software maker’s stock after purchasing an additional 7,547 shares during the period. Kestra Private Wealth Services LLC’s holdings in Fortinet were worth $1,318,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in FTNT. First Hawaiian Bank purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its position in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Trilogy Capital Inc. lifted its position in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Finally, Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $107.70 on Thursday. The stock has a market cap of $82.55 billion, a PE ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $110.99. The business has a 50-day simple moving average of $98.12 and a 200-day simple moving average of $85.82. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, equities analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley upped their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Stifel Nicolaus raised their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $102.77.

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.