Zurcher Kantonalbank Zurich Cantonalbank Has $74.41 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 787,615 shares of the software maker’s stock after selling 867 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fortinet were worth $74,414,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the third quarter worth approximately $26,000. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the fourth quarter worth approximately $46,000. Private Trust Co. NA lifted its stake 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 acquiring an additional 307 shares during the period. R Squared Ltd acquired a new position in shares of Fortinet in the fourth quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC lifted its stake in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 0.4 %

FTNT stock opened at $101.28 on Monday. The company’s 50 day simple moving average is $102.06 and its 200-day simple moving average is $91.04. The firm has a market capitalization of $77.88 billion, a PE ratio of 44.81, a P/E/G 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. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research analyst reports. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $103.72.

Insider Activity

In related news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 87,120 shares of company stock valued at $8,991,409. Company insiders own 18.00% of the company’s stock.

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.