Modera Wealth Management LLC Has $7.56 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Modera Wealth Management LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,458 shares of the software maker’s stock after purchasing an additional 2,783 shares during the quarter. Modera Wealth Management LLC’s holdings in Fortinet were worth $7,558,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB raised its stake in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock valued at $6,790,149 in the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $80.34 on Friday. The business’s fifty day moving average is $77.64 and its 200 day moving average is $67.05. The firm has a market cap of $61.45 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 2.92 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 earnings per share. Research analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Susquehanna raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company upped their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $73.25.

About Fortinet

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.