Fortinet, Inc. (NASDAQ:FTNT) Position Lifted by Curated Wealth Partners LLC

Curated Wealth Partners LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,731 shares of the software maker’s stock after buying an additional 235 shares during the period. Curated Wealth Partners LLC’s holdings in Fortinet were worth $744,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Abacus FCF Advisors LLC lifted its stake in Fortinet by 1.5% during the first quarter. Abacus FCF Advisors LLC now owns 91,938 shares of the software maker’s stock worth $8,850,000 after purchasing an additional 1,371 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services acquired a new stake in shares of Fortinet during the first quarter worth $5,163,000. SJS Investment Consulting Inc. lifted its position in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares during the last quarter. Fiduciary Financial Group LLC acquired a new position in Fortinet in the first quarter valued at approximately $396,000. Finally, GAMMA Investing LLC lifted its stake in Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after buying an additional 3,189 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FTNT shares. Wolfe Research began coverage on Fortinet in a research note on Monday, May 12th. They set a “peer perform” rating on the stock. Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Jefferies Financial Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Finally, Susquehanna upped their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, twenty have assigned 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, the stock currently has an average rating of “Hold” and a consensus price target of $104.80.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 335 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now owns 301,471 shares of the company’s stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 164,034 shares of company stock valued at $17,391,843 in the last three months. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $102.08 on Tuesday. The business’s 50-day simple moving average is $100.26 and its 200-day simple moving average is $99.94. 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 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market cap of $78.13 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its quarterly 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. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.