Charles Schwab Investment Management Inc. Buys 156,766 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Charles Schwab Investment Management Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,974,625 shares of the software maker’s stock after purchasing an additional 156,766 shares during the period. Charles Schwab Investment Management Inc. owned 0.52% of Fortinet worth $375,523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $46,000. Private Trust Co. NA boosted its position in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter worth $65,000. Finally, Venturi Wealth Management LLC raised its position in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.3 %

FTNT opened at $106.80 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock’s 50 day moving average price is $101.69 and its 200-day moving average price is $90.45. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $82.13 billion, a price-to-earnings ratio of 47.26, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on FTNT. Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock valued at $8,991,409 in the last 90 days. Company insiders own 18.00% of the company’s stock.

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.