Geller Advisors LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Geller Advisors LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,385 shares of the software maker’s stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in shares of Fortinet in the fourth quarter worth about $670,000. Trilogy Capital Inc. raised its stake in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. increased its stake in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Milestone Asset Management LLC bought a new stake in Fortinet in the 4th quarter valued at $1,690,000. Finally, Principal Financial Group Inc. boosted its position in shares of Fortinet by 8.7% during the third quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker’s stock worth $58,174,000 after buying an additional 59,930 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 0.3 %

Fortinet stock opened at $97.42 on Friday. The firm has a 50 day moving average price of $98.26 and a 200-day moving average price of $97.47. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market capitalization of $74.50 billion, a P/E ratio of 43.11, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during 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 business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.43 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. The trade was a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 over the last quarter. 17.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wells Fargo & Company decreased their price objective on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Piper Sandler restated an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average 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.