YHB Investment Advisors Inc. Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

YHB Investment Advisors Inc. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 48,741 shares of the software maker’s stock, valued at approximately $3,684,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Covestor Ltd grew its stake in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares in the last quarter. St. Johns Investment Management Company LLC bought a new position in shares of Fortinet in the 2nd quarter valued at about $30,000. Altshuler Shaham Ltd acquired a new position in shares of Fortinet during the 2nd quarter worth about $31,000. Zions Bancorporation N.A. raised its holdings in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after purchasing an additional 73 shares during the period. Finally, Grove Bank & Trust lifted its stake in Fortinet by 40.5% in the 2nd quarter. Grove Bank & Trust now owns 461 shares of the software maker’s stock valued at $35,000 after purchasing an additional 133 shares during the last quarter. 65.00% of the stock is currently owned by institutional investors.

Fortinet Price Performance

FTNT traded down $0.17 on Wednesday, reaching $51.15. The stock had a trading volume of 470,262 shares, compared to its average volume of 5,766,404. The firm has a 50-day moving average of $57.64 and a 200-day moving average of $64.75. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a market capitalization of $39.28 billion, a price-to-earnings ratio of 35.39, a price-to-earnings-growth ratio of 2.27 and a beta of 1.14. The company has a current ratio of 1.30, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Fortinet had a net margin of 22.25% and a return on equity of 3,361.82%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the business earned $0.28 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.28 EPS for the current year.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $57.20, for a total transaction of $291,720.00. Following the completion of the transaction, the chief financial officer now directly owns 4,578 shares of the company’s stock, valued at approximately $261,861.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $57.20, for a total value of $291,720.00. Following the sale, the chief financial officer now directly owns 4,578 shares in the company, valued at $261,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrice Perche sold 8,918 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $50.26, for a total transaction of $448,218.68. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,293,189.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,333 shares of company stock worth $3,505,054. Company insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on FTNT shares. Oppenheimer restated a “market perform” rating on shares of Fortinet in a research note on Friday, November 3rd. Piper Sandler reduced their price objective on shares of Fortinet from $65.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. Citigroup cut their target price on shares of Fortinet from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, August 29th. Wells Fargo & Company decreased their price target on shares of Fortinet from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 4th. Finally, Scotiabank cut their price objective on shares of Fortinet from $90.00 to $71.00 and set a “sector outperform” rating for the company in a research report on Friday, August 4th. Nineteen investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $65.77.

Fortinet Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.