Dana Investment Advisors Inc. Acquires 1,408 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Dana Investment Advisors Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,360 shares of the software maker’s stock after purchasing an additional 1,408 shares during the period. Dana Investment Advisors Inc.’s holdings in Fortinet were worth $2,868,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC lifted its stake in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $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 lifted its stake in 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 worth $448,854,000 after purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after purchasing an additional 156,766 shares during the period. Finally, FMR LLC lifted its stake in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTNT. Cantor Fitzgerald raised their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Wedbush raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now directly 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Down 0.4 %

Shares of NASDAQ FTNT opened at $101.28 on Friday. The company’s fifty day moving average is $101.95 and its 200-day moving average is $90.64. The stock has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Company 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.