Exchange Traded Concepts LLC Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Exchange Traded Concepts LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 31.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,711 shares of the software maker’s stock after buying an additional 5,845 shares during the period. Exchange Traded Concepts LLC’s holdings in Fortinet were worth $2,335,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. State Street Corp boosted its position in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC boosted its position in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fortinet by 10.3% during 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 buying an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after acquiring an additional 68,852 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $96.90 on Monday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market cap of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. The firm’s fifty day moving average is $95.70 and its two-hundred day moving average is $81.90.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the company earned $0.35 earnings per share. Research analysts expect that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Mizuho lifted their price target 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. Truist Financial reaffirmed a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Bank of America lifted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $96.83.

About Fortinet

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.