Forsta AP Fonden Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Forsta AP Fonden boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% during the 4th quarter, HoldingsChannel reports. The firm owned 136,000 shares of the software maker’s stock after purchasing an additional 500 shares during the period. Forsta AP Fonden’s holdings in Fortinet were worth $12,849,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Eastern Bank acquired a new stake in shares of Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. City State Bank lifted its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. Robert W. Baird raised their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Scotiabank raised their target price on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. BMO Capital Markets raised their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Wedbush raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group raised their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, seventeen have assigned 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, the company has an average rating of “Hold” and a consensus price target of $96.83.

Fortinet Price Performance

Fortinet stock opened at $99.33 on Thursday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The firm has a 50 day moving average price of $96.12 and a 200 day moving average price of $82.56. The company has a market cap of $76.13 billion, a price-to-earnings ratio of 50.17, a PEG ratio of 2.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is owned by company insiders.

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.