Forsta AP Fonden Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Forsta AP Fonden boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,000 shares of the software maker’s stock after acquiring an additional 500 shares during the period. Forsta AP Fonden’s holdings in Fortinet were worth $12,849,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Smith Group Asset Management LLC grew its stake in Fortinet by 3.7% during the 4th quarter. Smith Group Asset Management LLC now owns 15,935 shares of the software maker’s stock valued at $1,506,000 after acquiring an additional 565 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $65,000. SteelPeak Wealth LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $329,000. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Fortinet by 5.5% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 23,289 shares of the software maker’s stock valued at $2,200,000 after buying an additional 1,213 shares during the period. Finally, Perigon Wealth Management LLC grew its stake in shares of Fortinet by 14.5% in the 4th quarter. Perigon Wealth Management LLC now owns 14,322 shares of the software maker’s stock valued at $1,347,000 after buying an additional 1,811 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction 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 directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $99.33 on Thursday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The firm’s fifty day simple moving average is $96.12 and its 200-day simple moving average is $82.56. The firm has a market capitalization 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 current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the firm posted $0.35 EPS. Equities analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Scotiabank increased their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Tuesday, January 21st. BMO Capital Markets increased their price target 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. UBS Group increased their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $96.83.

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.