Curated Wealth Partners LLC Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Curated Wealth Partners LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 32.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,496 shares of the software maker’s stock after acquiring an additional 1,833 shares during the quarter. Curated Wealth Partners LLC’s holdings in Fortinet were worth $708,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Benjamin F. Edwards & Company Inc. grew its stake in Fortinet by 190.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock worth $87,000 after purchasing an additional 952 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Fortinet by 82.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after buying an additional 10,125 shares during the period. Evergreen Capital Management LLC grew its position in shares of Fortinet by 5.8% during the second quarter. Evergreen Capital Management LLC now owns 6,571 shares of the software maker’s stock worth $396,000 after buying an additional 360 shares in the last quarter. Insigneo Advisory Services LLC increased its stake in shares of Fortinet by 16.9% during the second quarter. Insigneo Advisory Services LLC now owns 3,804 shares of the software maker’s stock worth $211,000 after buying an additional 550 shares during the period. Finally, APG Asset Management US Inc. raised its holdings in Fortinet by 1.6% in the second quarter. APG Asset Management US Inc. now owns 101,812 shares of the software maker’s stock valued at $6,093,000 after acquiring an additional 1,577 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $96.90 on Friday. The firm’s fifty day simple moving average is $95.70 and its 200-day simple moving average is $81.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market cap of $74.27 billion, a PE ratio of 48.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the company posted $0.35 earnings per share. Analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Citigroup increased their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $100.00 to $120.00 in a research report on Monday, January 6th. The Goldman Sachs Group raised their target price on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Finally, Bank of America upped their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $96.83.

Insider Buying and Selling

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 transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over 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.

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.