Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by DnB Asset Management AS

DnB Asset Management AS grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 118,029 shares of the software maker’s stock after buying an additional 5,157 shares during the period. DnB Asset Management AS’s holdings in Fortinet were worth $11,151,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank purchased a new stake in Fortinet during the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI grew its holdings in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares in the last quarter. Trilogy Capital Inc. raised its position in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after buying an additional 3,544 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after buying an additional 169,530 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the third quarter worth approximately $10,343,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, 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 is available at the SEC website. Also, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 3.0 %

Shares of Fortinet stock opened at $96.60 on Friday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a market capitalization of $74.28 billion, a PE ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. 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 business has a 50-day moving average of $102.97 and a 200-day moving average of $93.26.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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%. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FTNT shares. Jefferies Financial Group boosted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average 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.