Caisse Des Depots ET Consignations Makes New $1.03 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

Caisse Des Depots ET Consignations purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,866 shares of the software maker’s stock, valued at approximately $1,027,000.

A number of other hedge funds have also modified their holdings of FTNT. Graney & King LLC purchased a new position in Fortinet during the fourth quarter worth $43,000. Golden State Wealth Management LLC purchased a new stake in Fortinet during the 4th quarter worth about $46,000. Runnymede Capital Advisors Inc. acquired a new position in Fortinet in the 4th quarter valued at about $56,000. LFA Lugano Financial Advisors SA lifted its holdings in Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Finally, Private Trust Co. NA lifted its holdings in Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FTNT. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Susquehanna raised their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Stifel Nicolaus upped their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $105.69.

Fortinet Stock Down 1.5 %

Fortinet stock opened at $99.54 on Friday. The company’s 50-day moving average price is $102.92 and its two-hundred day moving average price is $92.99. The stock has a market cap of $76.54 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. 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 announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.