Fjarde AP Fonden Fourth Swedish National Pension Fund Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 137,180 shares of the software maker’s stock after acquiring an additional 9,000 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Fortinet were worth $12,961,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Eastern Bank purchased a new position in Fortinet in the 3rd quarter valued at about $25,000. Private Advisor Group LLC lifted its position in shares of Fortinet by 15.5% in the third quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock valued at $1,879,000 after acquiring an additional 3,253 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Fortinet by 8,011.1% in the third quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock worth $21,506,000 after acquiring an additional 273,900 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Fortinet by 21.0% during the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock worth $1,239,000 after purchasing an additional 2,775 shares in the last quarter. Finally, Ballentine Partners LLC raised its stake in Fortinet by 8.1% in the 3rd quarter. Ballentine Partners LLC now owns 7,550 shares of the software maker’s stock valued at $586,000 after purchasing an additional 563 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTNT. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Susquehanna increased their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Royal Bank of Canada raised their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Finally, Bank of America upped their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One research 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.72.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,110 shares of company stock valued at $8,751,689 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT opened at $110.02 on Monday. The stock’s 50-day moving average price is $100.12 and its 200 day moving average price is $88.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market cap of $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.