YHB Investment Advisors Inc. Sells 635 Shares of Fortinet, Inc. (NASDAQ:FTNT)

by · The Markets Daily

YHB Investment Advisors Inc. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 1.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,648 shares of the software maker’s stock after selling 635 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Fortinet were worth $4,858,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gateway Investment Advisers LLC boosted its stake in Fortinet by 38.5% during the first quarter. Gateway Investment Advisers LLC now owns 20,869 shares of the software maker’s stock worth $1,426,000 after acquiring an additional 5,804 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of Fortinet by 138.1% in the first quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock worth $685,000 after purchasing an additional 5,820 shares during the period. Transform Wealth LLC grew its holdings in shares of Fortinet by 3.3% during the first quarter. Transform Wealth LLC now owns 133,887 shares of the software maker’s stock worth $9,146,000 after purchasing an additional 4,291 shares in the last quarter. Atlantic Union Bankshares Corp lifted its holdings in shares of Fortinet by 7.9% during the 1st quarter. Atlantic Union Bankshares Corp now owns 41,139 shares of the software maker’s stock worth $2,810,000 after acquiring an additional 2,997 shares during the last quarter. Finally, New England Research & Management Inc. lifted its position in Fortinet by 8.7% in the 1st quarter. New England Research & Management Inc. now owns 12,475 shares of the software maker’s stock worth $852,000 after buying an additional 1,000 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $80.37 on Thursday. The firm has a market cap of $61.40 billion, a price-to-earnings ratio of 52.53, a P/E/G ratio of 2.84 and a beta of 1.00. The firm has a fifty day moving average price of $77.38 and a 200 day moving average price of $66.88. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT – Get Free Report) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 over the last ninety days. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Rosenblatt Securities reduced their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald increased their target price on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $73.25.

Check Out Our Latest Research Report on FTNT

Fortinet Company Profile

(Free Report)

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.

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