Global Retirement Partners LLC Has $163,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Posted by on Aug 11th, 2023

Global Retirement Partners LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 19.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,696 shares of the software maker’s stock after acquiring an additional 438 shares during the quarter. Global Retirement Partners LLC’s holdings in Fortinet were worth $163,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after purchasing an additional 76,027 shares in the last quarter. Raymond James Trust N.A. grew its holdings in shares of Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after acquiring an additional 441 shares in the last quarter. Zions Bancorporation N.A. increased its position in shares of Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in Fortinet by 209.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after acquiring an additional 1,049 shares in the last quarter. Finally, Covestor Ltd grew its stake in 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 purchasing an additional 57 shares in the last quarter. 64.21% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Patrice Perche sold 8,923 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $75.32, for a total value of $672,080.36. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,937,983.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Patrice Perche sold 8,923 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $75.32, for a total value of $672,080.36. Following the sale, the executive vice president now directly owns 25,730 shares in the company, valued at $1,937,983.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 24,710 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $68.18, for a total transaction of $1,684,727.80. Following the completion of the sale, the chief financial officer now directly owns 4,572 shares in the company, valued at $311,718.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,163 shares of company stock valued at $4,799,087. Insiders own 17.54% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $60.56 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09. The stock has a market cap of $47.55 billion, a PE ratio of 45.75, a PEG ratio of 2.69 and a beta of 1.16. Fortinet, Inc. has a 12-month low of $42.61 and a 12-month high of $81.24. The business has a 50-day simple moving average of $73.03 and a two-hundred day simple moving average of $66.14.

Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The firm’s revenue was up 25.5% compared to the same quarter last year. Analysts anticipate that Fortinet, Inc. will post 1.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Scotiabank cut their price objective on Fortinet from $90.00 to $71.00 and set a “sector outperform” rating for the company in a report on Friday, August 4th. Wedbush reduced their target price on Fortinet from $70.00 to $69.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Jefferies Financial Group increased their price target on Fortinet from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, April 20th. Truist Financial began coverage on shares of Fortinet in a research report on Friday, April 21st. They set a “buy” rating and a $82.00 price objective for the company. Finally, Piper Sandler raised their target price on shares of Fortinet from $64.00 to $65.00 in a research note on Friday, May 5th. Eight analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.42.

Check Out Our Latest Report on Fortinet

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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