Summit Global Investments Buys New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Summit Global Investments purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,069 shares of the software maker’s stock, valued at approximately $384,000.

Several other institutional investors have also bought and sold shares of FTNT. Whittier Trust Co. lifted its holdings in shares of Fortinet by 724.1% in the 4th quarter. Whittier Trust Co. now owns 1,813 shares of the software maker’s stock valued at $171,000 after acquiring an additional 1,593 shares during the last quarter. iA Global Asset Management Inc. increased its position in shares of Fortinet by 32.9% during the 4th quarter. iA Global Asset Management Inc. now owns 114,776 shares of the software maker’s stock valued at $10,844,000 after purchasing an additional 28,422 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Fortinet by 169.4% during the 4th quarter. Teacher Retirement System of Texas now owns 510,776 shares of the software maker’s stock valued at $48,258,000 after buying an additional 321,152 shares during the period. Royal London Asset Management Ltd. lifted its position in Fortinet by 104.5% in the fourth quarter. Royal London Asset Management Ltd. now owns 782,516 shares of the software maker’s stock worth $73,932,000 after buying an additional 399,848 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its stake in Fortinet by 53.8% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 71,290 shares of the software maker’s stock worth $6,653,000 after buying an additional 24,937 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s 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 sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $99.79 on Tuesday. The firm’s fifty day simple moving average is $102.46 and its two-hundred day simple moving average is $92.70. The firm has a market capitalization of $76.74 billion, a P/E ratio of 44.16, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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%. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FTNT shares. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Mizuho raised their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $105.69.

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.