LGT Fund Management Co Ltd. Acquires 39,108 Shares of Fortinet, Inc. (NASDAQ:FTNT)

LGT Fund Management Co Ltd. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 36.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 146,315 shares of the software maker’s stock after buying an additional 39,108 shares during the period. Fortinet makes up about 1.2% of LGT Fund Management Co Ltd.’s investment portfolio, making the stock its 22nd largest position. LGT Fund Management Co Ltd.’s holdings in Fortinet were worth $13,824,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Plato Investment Management Ltd increased its position in shares of Fortinet by 39.5% during the fourth quarter. Plato Investment Management Ltd now owns 13,974 shares of the software maker’s stock valued at $1,325,000 after purchasing an additional 3,960 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $477,000. Jones Financial Companies Lllp increased its position in shares of Fortinet by 26.9% during the fourth quarter. Jones Financial Companies Lllp now owns 371,067 shares of the software maker’s stock valued at $35,058,000 after purchasing an additional 78,723 shares during the period. Modera Wealth Management LLC increased its position in shares of Fortinet by 4.3% during the fourth quarter. Modera Wealth Management LLC now owns 101,618 shares of the software maker’s stock valued at $9,601,000 after purchasing an additional 4,160 shares during the period. Finally, Norden Group LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $4,216,000. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, 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 position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 87,120 shares of company stock worth $8,991,409. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company boosted their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Scotiabank boosted their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Trading Up 0.9 %

Shares of FTNT opened at $108.01 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $83.06 billion, a PE ratio of 47.79, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The stock’s fifty day simple moving average is $101.31 and its 200-day simple moving average is $89.99.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. As a group, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.