ORBA Wealth Advisors L.L.C. Invests $878,000 in Fortinet, Inc. (NASDAQ:FTNT)

ORBA Wealth Advisors L.L.C. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 14,997 shares of the software maker’s stock, valued at approximately $878,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet during the 4th quarter worth about $29,000. Headinvest LLC bought a new position in shares of Fortinet during the 3rd quarter valued at $29,000. American National Bank lifted its stake in shares of Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after purchasing an additional 488 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Fortinet in the third quarter worth $37,000. Finally, Rakuten Securities Inc. bought a new position in Fortinet during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $85.00 price objective on shares of Fortinet in a report on Friday, May 3rd. Morgan Stanley decreased their price objective on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Stifel Nicolaus raised their target price on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Finally, Wells Fargo & Company lowered their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $70.10.

Get Our Latest Research Report on Fortinet

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,396 shares of company stock valued at $4,838,534. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 2.3 %

NASDAQ FTNT traded up $1.32 during trading on Friday, reaching $59.32. 16,362,989 shares of the stock traded hands, compared to its average volume of 6,170,705. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The firm has a market cap of $45.32 billion, a price-to-earnings ratio of 38.77, a price-to-earnings-growth ratio of 2.91 and a beta of 1.08. The stock’s 50-day moving average price is $63.76 and its 200 day moving average price is $62.75.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the firm earned $0.29 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. Analysts predict that Fortinet, Inc. will post 1.46 EPS for the current year.

Fortinet Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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