M Holdings Securities INC increased its holdings in Fortinet, INC (NASDAQ: FTNT) during the third quarter by 29.2%, as stated in the most recent disclosure that the company has made with the Securities and Exchange Commission.
During the past quarter, the investment company’s mutual fund acquired an additional 1,698 shares in the software manufacturer, bringing the total number of shares it holds in its portfolio to 7,523.
The value of M Holdings Securities INC’s stake in Fortinet was determined to be $370,000 after the most recent reporting period.
Many academic investigations have been carried out with FTNT as the primary focus of attention.
The publication of a research report on the company’s stock by Scotiabank on January 17 marked the beginning of the bank’s coverage of Fortinet stock.
They assigned the stock the “sector outperformed” grade and predicted its price would fall between $65.00 and $70.00.
The investment company Roth Capital reaffirmed its “buy” rating on shares of Fortinet in a research report that was made public on February 8.
The report was made available to the general public. Wedbush increased its price target on Fortinet shares from $64.00 to $70.00 and rated the stock with an “outperform” rating in a research note published on February 8.
In a research note published on February 8, JPMorgan Chase & Co raised their price target on Fortinet shares from $69.00 to $70.00 and upgraded the stock from an “underweight” rating to an “overweight” rating.
Lastly, Barclays increased their price objective on Fortinet shares from $56.00 to $68.00 and gave the company an “overweight” rating in a research note published on February 9.
Twenty-two research analysts have assigned a buy rating to the stock, while nine have recommended that company shareholders keep their current holdings.
According to the data that Bloomberg provided, the stock is currently rated as having an average recommendation of “Moderate Buy,” It has a price target generally agreed upon to be $69.39.
The amount of the company’s stock that hedge funds and other institutional investors held in their portfolios was recently adjusted due to recent market events.
The percentage of Captrust Financial Advisers’ assets invested in Fortinet saw a 134.8% increase during the third quarter due to the firm’s investment strategy. Following the purchase of an additional 27,640 shares in the software developer’s stock during the preceding quarter, Captrust Financial Advisors now owns 48,143 shares of the company’s stock, which has a value of $2,365,000.
The Kentucky Retirement Systems Insurance Trust Fund increased the amount of Fortinet stock owned by 3.0% during the third quarter of this year. Following the acquisition of an additional 694 shares during the most recent quarter, the Kentucky Retirement Systems Insurance Trust Fund now has 23,454 shares of the software maker’s stock, collectively worth a total of $1,152,000.
This brings the fund’s total number of shares to 23,454.
During the third quarter, Kentucky Retirement Systems expanded its holdings in Fortinet by 3.6% thanks to acquiring additional shares. Following acquiring an additional 1,787 shares during the most recent quarter, Kentucky Retirement Systems now holds 51,231 shares of the software manufacturer’s stock.
The stock currently has a value of $2,517,000 on the market.
During the third quarter, the investment portfolio managed by Balyasny Asset Management, LLC, saw a 23.4% increase in Fortinet shares it held compared to the previous quarter.
At the end of the most recent fiscal quarter, Balyasny Asset Management LLC owned 975,333 shares of the software developer’s stock, which had a market value of $47,918,000 at the time of the ownership.
Because of this, the total number of shares that the company owns now amounts to 975,333.
And finally, during the third quarter, CreativeOne Wealth LLC’s holdings in Fortinet increased by 1.8% compared to the previous quarter’s value.
There are now 179 additional shares of the software manufacturer’s stock that CreativeOne Wealth LLC owns, bringing the total number of shares owned by the company to 10,263.
These 179 shares are valued at an additional $504,000.
Institutional investors and hedge funds own 64.35 percent of the company’s shares. Other shareholders make up the remaining 35.65 percent.
Thursday, began trading in FTNT on the NASDAQ, with the stock opening at $60.39.
The stock has a simple moving average of $55.31 over the past 50 days, and its simple moving average over the past 200 days is $52.82, respectively.
During the same period, Fortinet, INC experienced a one-year high of $71.52 and a one-year low of $42.61 in the stock price.
The company has a market capitalization of $47.35 billion, a price-to-earnings ratio of 56.91, a price-to-earnings-to-growth ratio of 2.87, and a beta value of 1.14.
The firm’s market capitalization is a measure of how much it is worth relative to its earnings.
On February 7, the results of Fortinet’s most recent quarterly financial report were made public. Fortinet is traded on the NASDAQ under the symbol FTNT.
Earnings per share (EPS) for the quarter came in at $0.44 for the software company, which was $0.05 higher than the estimated floating around $0.39 per share. Fortinet recorded a negative return on equity of 309.63 percent, and the company’s net margin was 19.41 percent. However, despite analysts’ expectations that the company would bring in $1.30 billion in revenue during the quarter, it only managed to bring in $1.28 billion in total during the period in question.
The business made a profit of $0.19 per share during the same period the year before compared to the current year. For the period in question, the company’s quarterly revenue saw an increase of 33.1% compared to the same time last year. Sell-side analysts anticipate that Fortinet, INC will achieve a profit per share of $1.14 for the current financial year.
It was reported in other news that on February 21, Executive Vice President Patrice Perche sold 11,035 shares of company stock.
This information was obtained from the company’s website.
In other developments, the sale of the shares resulted in total revenue of $659,341.25, equivalent to an average price of $59.75 per share.
The shares were sold for $659,341.25, equivalent to a price of $59.75 per share, and the transaction was completed successfully. Following the successful conclusion of the sale, the executive vice president now possesses direct authority over 25,730 of the company’s shares.
Together, these shares are worth a total of $1,537,367.50. Following this link will show the filing submitted to the Securities and Exchange Commission and where the transaction was discussed. You can simply ignore this link if you do not want to follow it.
According to some additional information that we have obtained, Michael Xie, who serves as Vice President of Fortinet, sold 240,046 shares of the company’s stock on February 2. Following the sale of the shares at an average price of $53.72, the transaction’s total value was $12,895,271.12. Following the completion of the acquisition, the vice president has accumulated 29,727,018 shares of the company, which have a value of $1,596,935,406.96 at present. You will be taken to a legal file submitted to the SEC if you click on the link we provided, where you will find additional information regarding the sale. On February 21, 11,035 shares of the company’s stock were sold by Patrice Perche, the Executive Vice President and Chief Operating Officer of the company.
The total amount obtained from the sale of the shares was $659,341.25, which comes out to a price of $59.75 per share.
Because of the transaction, the company’s executive vice president now has a direct ownership stake of 25,730 shares in the company.
These shares have a value of approximately $1,537,367.50 based on the underlying stock’s current price.
The percentage of the company’s stock currently owned by company insiders is 18.80%.