6,563 Fortinet, Inc. $FTNT Shares Bought by Kestra Advisory Services LLC

Kestra Advisory Services LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 17.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing.

A number of other large investors have also recently added to or reduced their stakes in FTNT. BlackRock Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $9,561,650,000. Bank of New York Mellon Corp acquired a new position in shares of Fortinet in the second quarter valued at $1,432,842,000. Legal & General Group Plc bought a new position in shares of Fortinet in the second quarter valued at about $979,062,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after buying an additional 4,500,194 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in Fortinet in the 2nd quarter valued at about $656,852,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $123.57 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The stock has a market cap of $90.79 billion, a PE ratio of 40.12, a PEG ratio of 2.35 and a beta of 1.04. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $197.13. The business has a 50-day simple moving average of $166.24 and a two-hundred day simple moving average of $129.96.

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

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Truist Financial set a $175.00 price target on Fortinet and gave the stock a “buy” rating in a report on Thursday, October 29th. Arete Research lowered shares of Fortinet from a “buy” rating to a “sell” rating and set a $117.00 price target on the stock. in a research report on Wednesday, October 21st. JPMorgan Chase & Co. upped their target price on Fortinet from $118.00 to $140.00 and gave the stock an “underweight” rating in a research note on Friday, October 23rd. BTIG Research reaffirmed a “buy” rating and issued a $186.00 target price (down from $203.00) on shares of Fortinet in a report on Thursday, October 29th. Finally, Weiss Ratings cut Fortinet from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Eleven equities research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $150.44.

Insider Activity

In other news, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at approximately $1,284,328,436.40. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CEO Ken Xie sold 161,483 shares of Fortinet stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $129.31, for a total value of $20,881,366.73. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $6,849,857,423.32. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders sold 221,304 shares of company stock valued at $30,675,309. Insiders own 17.60% of the company’s stock.

Fortinet 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.