Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Increased by American Century Companies Inc.

American Century Companies Inc. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 701,206 shares of the software maker’s stock after purchasing an additional 102,434 shares during the period. American Century Companies Inc. owned about 0.09% of Fortinet worth $66,250,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the fourth quarter worth $46,000. Runnymede Capital Advisors Inc. acquired a new position in Fortinet in the 4th quarter worth about $56,000. LFA Lugano Financial Advisors SA raised its stake in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Fortinet by 95.0% in the 4th 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. Finally, R Squared Ltd acquired a new position in Fortinet in the fourth quarter worth approximately $65,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 in the last quarter. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 2.3 %

FTNT stock opened at $102.09 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average is $102.65 and its 200-day moving average is $92.89. The firm has a market cap of $78.50 billion, a P/E ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97.

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

Analysts Set New Price Targets

A number of research firms have issued reports on FTNT. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Susquehanna raised their target price on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.