Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Ieq Capital LLC

Ieq Capital LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 188.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 241,268 shares of the software maker’s stock after buying an additional 157,516 shares during the period. Ieq Capital LLC’s holdings in Fortinet were worth $22,795,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FTNT. FMR LLC increased its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp increased its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC increased its holdings in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the period. Finally, AustralianSuper Pty Ltd increased its holdings in shares of Fortinet by 1,084.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after purchasing an additional 601,801 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FTNT shares. Cantor Fitzgerald boosted their target price on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Citigroup boosted their target price on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. JPMorgan Chase & Co. boosted their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Susquehanna upped their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

NASDAQ FTNT opened at $114.57 on Thursday. The business’s 50-day moving average price is $99.56 and its 200 day moving average price is $87.75. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market capitalization of $87.81 billion, a PE ratio of 50.69, a price-to-earnings-growth ratio of 4.09 and a beta of 1.01. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 63,610 shares of company stock worth $6,083,029. 18.00% of the stock is owned by company insiders.

Fortinet Profile

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.