2,268 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Strategic Blueprint LLC

Strategic Blueprint LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 2,268 shares of the software maker’s stock, valued at approximately $214,000.

A number of other large investors have also added to or reduced their stakes in the company. State Street Corp grew its stake 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 buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC grew its stake 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 worth $1,151,097,000 after acquiring an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Fortinet by 10.3% during 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 valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Finally, FMR LLC boosted its stake in Fortinet by 276.3% in the 3rd 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 in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on FTNT. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Wedbush lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $100.00 to $120.00 in a research note on Monday, January 6th. BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada increased their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $96.83.

Insiders Place Their Bets

In other news, Director William H. Neukom purchased 355 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.0 %

Shares of FTNT opened at $100.88 on Friday. The firm’s fifty day moving average is $96.42 and its two-hundred day moving average is $83.14. The stock has a market cap of $77.32 billion, a PE ratio of 50.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $102.87.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the prior year, the firm earned $0.35 EPS. Research analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

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.