United Asset Strategies Inc. Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

United Asset Strategies Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,980 shares of the software maker’s stock after buying an additional 3,179 shares during the period. United Asset Strategies Inc.’s holdings in Fortinet were worth $1,404,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Headinvest LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter valued at $29,000. Retirement Group LLC purchased a new stake in Fortinet in the fourth quarter valued at $30,000. Resurgent Financial Advisors LLC purchased a new stake in Fortinet in the fourth quarter valued at $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Fortinet in the third quarter valued at $37,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold 108,147 shares of company stock valued at $7,424,394 over the last 90 days. Corporate insiders own 17.54% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $64.48 on Wednesday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a 50 day moving average price of $68.83 and a 200 day moving average price of $61.48. The firm has a market capitalization of $49.20 billion, a price-to-earnings ratio of 44.47, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08.

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

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. Stifel Nicolaus lifted their price objective on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Morgan Stanley lifted their price objective on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Mizuho lifted their price objective on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Wedbush lifted their price objective on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, Truist Financial lifted their price objective on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.35.

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.