West Family Investments Inc. Buys Shares of 2,474 Fortinet, Inc. (NASDAQ:FTNT)

West Family Investments Inc. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,474 shares of the software maker’s stock, valued at approximately $234,000.

A number of other large investors have also recently made changes to their positions in FTNT. State Street Corp lifted its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Fortinet by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after acquiring an additional 156,766 shares during the period. Finally, FMR LLC grew its stake in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,120 shares of company stock valued at $8,991,409 over the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $101.28 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average price of $101.95 and a 200-day moving average price of $90.64. The company has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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%. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Cantor Fitzgerald increased their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. JPMorgan Chase & Co. boosted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Morgan Stanley raised their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Finally, Stifel Nicolaus boosted their price objective on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $103.72.

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.