Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Forsta AP Fonden

Forsta AP Fonden grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 135,500 shares of the software maker’s stock after purchasing an additional 14,300 shares during the period. Forsta AP Fonden’s holdings in Fortinet were worth $10,508,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. Price T Rowe Associates Inc. MD raised its holdings in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB purchased a new position in shares of Fortinet in the first quarter worth approximately $548,013,000. Marshall Wace LLP raised its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. Van ECK Associates Corp lifted its position in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in Fortinet by 102.5% in the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Citigroup increased their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Morgan Stanley decreased their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Scotiabank increased their price target on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Finally, Robert W. Baird boosted their price objective on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $73.25.

Fortinet Trading Down 0.3 %

NASDAQ:FTNT opened at $80.34 on Monday. The company’s 50 day moving average is $77.64 and its 200-day moving average is $67.04. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The firm has a market cap of $61.45 billion, a price-to-earnings ratio of 47.54, a P/E/G ratio of 2.92 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the firm posted $0.31 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. Equities analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,250 shares of company stock valued at $6,790,149. Insiders own 18.00% of the company’s stock.

About Fortinet

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.