Edmond DE Rothschild Holding S.A. Purchases New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 286 shares of the software maker’s stock, valued at approximately $27,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter valued at about $43,000. Golden State Wealth Management LLC bought a new position in Fortinet in the fourth quarter worth about $46,000. Runnymede Capital Advisors Inc. acquired a new position in Fortinet in the fourth quarter valued at approximately $56,000. LFA Lugano Financial Advisors SA grew its holdings in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the last quarter. Finally, Private Trust Co. NA grew its holdings in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Morgan Stanley began coverage on Fortinet in a research report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price objective for the company. Cantor Fitzgerald upped their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Jefferies Financial Group decreased their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.77.

Insider Activity

In related news, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.5 %

Shares of FTNT opened at $98.08 on Thursday. The business’s 50-day moving average price is $102.99 and its 200 day moving average price is $93.71. 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 market capitalization of $75.42 billion, a P/E ratio of 43.40, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

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

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.