Elo Mutual Pension Insurance Co Has $6.36 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Elo Mutual Pension Insurance Co lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 4th quarter, HoldingsChannel reports. The firm owned 67,266 shares of the software maker’s stock after selling 1,605 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Fortinet were worth $6,355,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after buying an additional 730,994 shares during the period. State Street Corp boosted its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its holdings in Fortinet by 2.4% in 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 purchasing an additional 354,692 shares during the period. Amundi increased its stake in Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortinet by 10.3% in 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 purchasing an additional 542,727 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Down 1.5 %

Shares of NASDAQ FTNT opened at $99.54 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $76.54 billion, a PE ratio of 44.04, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business’s fifty day moving average price is $102.92 and its 200-day moving average price is $92.99.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, March 21st. Scotiabank raised their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Finally, Piper Sandler restated an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $105.69.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of Fortinet 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 completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.