Forvis Mazars Wealth Advisors LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Forvis Mazars Wealth Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,241 shares of the software maker’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after buying an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after buying an additional 68,852 shares during the period. Finally, FMR LLC lifted its holdings in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Down 1.2 %

FTNT opened at $108.69 on Tuesday. The firm has a market cap of $83.31 billion, a P/E ratio of 48.09, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. 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 has a 50-day moving average of $100.33 and a 200 day moving average of $88.95.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 69,460 shares of company stock valued at $7,063,290 over the last 90 days. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. Wedbush raised their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group raised their target price on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

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.