Fortinet, Inc. (NASDAQ:FTNT) Stake Raised by Handelsbanken Fonder AB

Handelsbanken Fonder AB boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 237,404 shares of the software maker’s stock after acquiring an additional 41,609 shares during the quarter. Handelsbanken Fonder AB’s holdings in Fortinet were worth $22,430,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. FMR LLC boosted its holdings in shares of 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 purchasing an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC lifted its position in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares in the last quarter. State Street Corp boosted its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC grew its holdings in shares of Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after acquiring an additional 724,887 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its stake 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 worth $62,103,000 after acquiring an additional 601,801 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.3 %

FTNT stock opened at $114.19 on Friday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $87.52 billion, a PE ratio of 50.53, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The business’s 50-day simple moving average is $99.88 and its 200 day simple moving average is $87.93.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates 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 anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Citigroup boosted their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Royal Bank of Canada lifted their target price on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.72.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 87,110 shares of company stock worth $8,751,689 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

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.