Versor Investments LP Purchases 15,659 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Versor Investments LP grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 119.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,765 shares of the software maker’s stock after purchasing an additional 15,659 shares during the quarter. Fortinet makes up 0.5% of Versor Investments LP’s holdings, making the stock its 22nd biggest holding. Versor Investments LP’s holdings in Fortinet were worth $2,718,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp grew its holdings in Fortinet by 2.9% during the 3rd 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 during the last quarter. Geode Capital Management LLC increased 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 valued at $1,151,097,000 after purchasing an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet by 10.3% during the 3rd 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 worth $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares during the period. Finally, FMR LLC increased its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 69,460 shares of company stock valued at $7,063,290. 18.00% of the stock is owned by company insiders.

Fortinet Stock Up 0.9 %

FTNT stock opened at $109.02 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock has a market cap of $83.56 billion, a P/E ratio of 48.24, a P/E/G ratio of 4.19 and a beta of 1.01. The stock’s fifty day simple moving average is $100.85 and its two-hundred day simple moving average is $89.36. 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 posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on FTNT shares. Bank of America increased their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Rosenblatt Securities lifted their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company increased their price target on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, TD Cowen boosted their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $103.72.

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.