Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,990,190 shares of the software maker’s stock after purchasing an additional 202,259 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Fortinet were worth $565,953,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. Assenagon Asset Management S.A. grew its holdings in Fortinet by 6.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock valued at $1,612,000 after purchasing an additional 1,085 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of Fortinet by 42.5% in the fourth quarter. Ritholtz Wealth Management now owns 4,909 shares of the software maker’s stock valued at $464,000 after acquiring an additional 1,465 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Fortinet by 9.4% in the fourth quarter. HB Wealth Management LLC now owns 12,113 shares of the software maker’s stock valued at $1,144,000 after acquiring an additional 1,041 shares in the last quarter. Aaron Wealth Advisors LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at $234,000. Finally, UMB Bank n.a. lifted its position in shares of Fortinet by 838.5% in the fourth quarter. UMB Bank n.a. now owns 45,059 shares of the software maker’s stock valued at $4,257,000 after acquiring an additional 40,258 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $104.79 on Wednesday. The company has a market cap of $80.21 billion, a P/E ratio of 46.37, a PEG ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business’s 50-day simple moving average is $98.89 and its 200 day simple moving average is $98.65.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. The trade was a 78.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Robert W. Baird upped their price objective on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. DZ Bank upgraded Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Stephens began coverage on Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. Roth Capital set a $103.00 price objective on Fortinet and gave the company a “neutral” rating in a research report on Tuesday, April 22nd. Finally, Morgan Stanley reduced their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $104.80.

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.