Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Korea Investment CORP

Korea Investment CORP increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 92.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 453,930 shares of the software maker’s stock after acquiring an additional 217,922 shares during the period. Korea Investment CORP owned approximately 0.06% of Fortinet worth $42,887,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Graney & King LLC acquired a new position in Fortinet during the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet during the 4th quarter worth $46,000. Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet during the fourth quarter worth $56,000. LFA Lugano Financial Advisors SA increased its holdings in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares during the last quarter. Finally, Private Trust Co. NA raised its stake in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after buying an additional 307 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on 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 of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

FTNT stock opened at $99.54 on Friday. The stock’s 50 day moving average price is $102.92 and its 200 day moving average price is $92.99. The firm has a market cap of $76.54 billion, a P/E ratio of 44.04, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (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, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. The Goldman Sachs Group upped their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $105.69.

Fortinet Company 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.