110,789 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by RWA Wealth Partners LLC

RWA Wealth Partners LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 110,789 shares of the software maker’s stock, valued at approximately $6,484,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sage Mountain Advisors LLC lifted its holdings in shares of Fortinet by 1.5% during the fourth quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker’s stock valued at $3,926,000 after acquiring an additional 975 shares during the period. Hussman Strategic Advisors Inc. bought a new position in shares of Fortinet during the fourth quarter valued at $1,229,000. abrdn plc lifted its holdings in shares of Fortinet by 66.9% during the fourth quarter. abrdn plc now owns 325,017 shares of the software maker’s stock valued at $19,023,000 after acquiring an additional 130,308 shares during the period. Twin Capital Management Inc. lifted its holdings in shares of Fortinet by 19.9% during the fourth quarter. Twin Capital Management Inc. now owns 51,218 shares of the software maker’s stock valued at $2,998,000 after acquiring an additional 8,494 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Fortinet by 149.0% during the fourth quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker’s stock valued at $3,502,000 after acquiring an additional 35,803 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FTNT shares. Wells Fargo & Company lifted their price objective on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. UBS Group lifted their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Susquehanna reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Sanford C. Bernstein began coverage on Fortinet in a report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Fortinet Price Performance

Fortinet stock opened at $63.73 on Tuesday. The firm has a market capitalization of $48.63 billion, a P/E ratio of 43.92, a PEG ratio of 2.81 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The business has a 50-day moving average of $68.37 and a 200-day moving average of $61.64. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $0.38 EPS. Fortinet’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. In the last three months, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by company insiders.

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.