Sequoia Financial Advisors LLC Buys Shares of 5,613 Fortinet, Inc. (NASDAQ:FTNT)

Posted by Defense World Staff on Mar 31st, 2023

Sequoia Financial Advisors LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,613 shares of the software maker’s stock, valued at approximately $274,000.

Several other large investors have also recently bought and sold shares of FTNT. Ronald Blue Trust Inc. raised its position in Fortinet by 632.9% in the third quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock valued at $30,000 after purchasing an additional 462 shares during the last quarter. Phocas Financial Corp. bought a new position in Fortinet in the fourth quarter valued at about $43,000. Beacon Capital Management LLC raised its position in Fortinet by 400.0% in the third quarter. Beacon Capital Management LLC now owns 840 shares of the software maker’s stock valued at $47,000 after purchasing an additional 672 shares during the last quarter. Armstrong Advisory Group Inc. bought a new position in Fortinet in the fourth quarter valued at about $49,000. Finally, Guardian Wealth Advisors LLC bought a new position in Fortinet in the third quarter valued at about $50,000. 64.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. Citigroup increased their price target on Fortinet from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Wednesday, February 8th. StockNews.com began coverage on Fortinet in a research note on Thursday, March 16th. They issued a “buy” rating for the company. UBS Group increased their price target on Fortinet from $54.00 to $67.00 and gave the company a “neutral” rating in a research note on Wednesday, February 8th. Guggenheim began coverage on Fortinet in a research note on Monday, January 23rd. They issued a “neutral” rating for the company. Finally, Mizuho increased their price target on Fortinet from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Wednesday, February 8th. Eight research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.33.

Insider Activity

In other news, EVP Patrice Perche sold 7,535 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $61.81, for a total value of $465,738.35. Following the transaction, the executive vice president now owns 25,730 shares in the company, valued at $1,590,371.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Patrice Perche sold 7,535 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $61.81, for a total value of $465,738.35. Following the transaction, the executive vice president now owns 25,730 shares in the company, valued at $1,590,371.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 240,046 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $53.72, for a total value of $12,895,271.12. Following the completion of the transaction, the vice president now owns 29,727,018 shares in the company, valued at approximately $1,596,935,406.96. The disclosure for this sale can be found here. Insiders have sold 932,484 shares of company stock worth $53,877,379 over the last 90 days. 18.80% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $65.81 on Friday. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $71.52. The stock has a 50 day moving average price of $58.70 and a two-hundred day moving average price of $53.87. The stock has a market capitalization of $51.60 billion, a PE ratio of 61.62, a price-to-earnings-growth ratio of 3.13 and a beta of 1.14.

Fortinet (NASDAQ:FTNT – Get Rating) last announced its quarterly earnings data on Tuesday, February 7th. The software maker reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the firm posted $0.19 earnings per share. The company’s revenue for the quarter was up 33.1% compared to the same quarter last year. Research analysts forecast that Fortinet, Inc. will post 1.14 EPS for the current year.

Fortinet Company Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.