Norges Bank Takes $211.92 Million Position in Fortinet, Inc. (NASDAQ:FTNT)


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Norges Bank 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 and Exchange Commission. The institutional investor purchased 1,426,770 shares of the software maker’s stock, valued at approximately $211,918,000. Norges Bank owned about 0.87% of Fortinet at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. lifted its holdings in Fortinet by 5.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock worth $4,429,000 after purchasing an additional 2,678 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Fortinet by 32.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 17,130 shares of the software maker’s stock worth $2,018,000 after purchasing an additional 4,229 shares in the last quarter. Lombard Odier Asset Management Switzerland SA purchased a new stake in Fortinet during the 3rd quarter worth about $536,000. JS Capital Management LLC purchased a new stake in Fortinet during the 3rd quarter worth about $236,000. Finally, Kiwi Wealth Investments Limited Partnership purchased a new stake in Fortinet during the 3rd quarter worth about $1,621,000. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages recently issued reports on FTNT. The Goldman Sachs Group increased their price objective on Fortinet from $152.00 to $169.00 and gave the stock a “buy” rating in a report on Friday, January 8th. KeyCorp increased their price objective on Fortinet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, March 16th. Oppenheimer reissued an “outperform” rating and set a $190.00 price objective on shares of Fortinet in a report on Thursday, February 11th. JPMorgan Chase & Co. cut Fortinet from a “neutral” rating to an “underweight” rating and set a $140.00 price target on the stock. in a report on Wednesday, December 9th. Finally, OTR Global raised Fortinet to a “positive” rating in a report on Thursday, January 14th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the company. Fortinet has a consensus rating of “Hold” and a consensus price target of $160.16.

FTNT opened at $192.83 on Thursday. The stock’s 50 day simple moving average is $176.88 and its 200 day simple moving average is $144.36. Fortinet, Inc. has a 1 year low of $99.61 and a 1 year high of $195.51. The firm has a market cap of $31.47 billion, a price-to-earnings ratio of 71.68, a PEG ratio of 4.04 and a beta of 1.10.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 4th. The software maker reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.35. The firm had revenue of $748.00 million for the quarter, compared to analyst estimates of $722.37 million. Fortinet had a return on equity of 48.30% and a net margin of 18.50%. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.33 EPS for the current fiscal year.

In other news, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 24th. The stock was sold at an average price of $168.74, for a total value of $6,749,600.00. Following the completion of the transaction, the vice president now owns 6,061,966 shares in the company, valued at approximately $1,022,896,142.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 2,410 shares of the firm’s stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $178.07, for a total value of $429,148.70. Following the completion of the transaction, the vice president now owns 1,216 shares of the company’s stock, valued at approximately $216,533.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,231 shares of company stock valued at $11,876,249. 17.20% of the stock is currently owned by company insiders.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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