Fortinet, Inc. $FTNT Stock: Kestra Advisory Services LLC Raises Stake

Kestra Advisory Services LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 43,912 shares of the software maker’s stock after buying an additional 6,563 shares during the quarter. Kestra Advisory Services LLC’s holdings in Fortinet were worth $7,850,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of FTNT. Claro Advisors Inc. boosted its holdings in Fortinet by 32.4% in the third quarter. Claro Advisors Inc. now owns 3,338 shares of the software maker’s stock worth $597,000 after acquiring an additional 817 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Fortinet by 9.8% during the third quarter. Commonwealth Equity Services LLC now owns 105,409 shares of the software maker’s stock worth $18,843,000 after buying an additional 9,372 shares during the last quarter. Collaborative Fund Advisors LLC lifted its stake in shares of Fortinet by 31.1% in the third quarter. Collaborative Fund Advisors LLC now owns 2,277 shares of the software maker’s stock valued at $407,000 after buying an additional 540 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Fortinet by 11.1% during the third quarter. Chicago Partners Investment Group LLC now owns 23,293 shares of the software maker’s stock valued at $4,193,000 after buying an additional 2,322 shares during the last quarter. Finally, Ascent Group LLC increased its position in shares of Fortinet by 9.8% during the third quarter. Ascent Group LLC now owns 4,420 shares of the software maker’s stock worth $790,000 after acquiring an additional 393 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 161,483 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $6,849,857,423.32. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 53,865 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $165.44, for a total value of $8,911,425.60. Following the completion of the sale, the chief operating officer owned 96,987 shares in the company, valued at approximately $16,045,529.28. The trade was a 35.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 221,304 shares of company stock worth $30,675,309. Insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $123.57 on Wednesday. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13. The company has a 50-day simple moving average of $166.24 and a 200 day simple moving average of $129.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.28 and a current ratio of 1.40. The company has a market capitalization of $90.79 billion, a PE ratio of 40.12, a price-to-earnings-growth ratio of 2.35 and a beta of 1.04.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 earnings per share. On average, research analysts predict that Fortinet, Inc. will post 3.21 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTNT. Truist Financial set a $175.00 price objective on Fortinet and gave the stock a “buy” rating in a report on Thursday, October 29th. UBS Group restated a “neutral” rating and set a $200.00 price objective on shares of Fortinet in a research note on Thursday, October 15th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $145.00 price objective (up from $102.00) on shares of Fortinet in a report on Thursday, September 17th. Stephens raised their price target on shares of Fortinet from $160.00 to $165.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Finally, Rosenblatt Securities reduced their price objective on shares of Fortinet from $195.00 to $175.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Eleven analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $150.44.

Fortinet Company Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.