YHB Investment Advisors Inc. Sells 312 Shares of Fortinet, Inc. (NASDAQ:FTNT)

YHB Investment Advisors Inc. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 0.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 58,314 shares of the software maker’s stock after selling 312 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Fortinet were worth $3,413,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after acquiring an additional 76,027 shares during the last quarter. Raymond James Trust N.A. raised its stake in Fortinet by 24.0% during the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after buying an additional 441 shares during the last quarter. Zions Bancorporation N.A. lifted its holdings in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after buying an additional 73 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after buying an additional 1,049 shares during the period. Finally, Covestor Ltd grew its holdings in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stifel Nicolaus raised their target price on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. Royal Bank of Canada boosted their target price on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 7th. Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, Mizuho increased their price target on Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $72.35.

Get Our Latest Report on FTNT

Fortinet Stock Down 2.6 %

Fortinet stock opened at $66.45 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The company has a market capitalization of $50.70 billion, a P/E ratio of 45.83, a P/E/G ratio of 2.95 and a beta of 1.08. The firm has a 50 day moving average price of $68.91 and a 200-day moving average price of $61.37. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

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

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,147 shares of company stock worth $7,424,394. Company insiders own 17.54% of the company’s stock.

About Fortinet

(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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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