China Universal Asset Management Co. Ltd. Has $2.43 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

China Universal Asset Management Co. Ltd. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 164.6% during the 4th quarter, HoldingsChannel reports. The firm owned 25,673 shares of the software maker’s stock after purchasing an additional 15,971 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Fortinet were worth $2,426,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. First Hawaiian Bank bought a new position in Fortinet in the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI raised its holdings in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC lifted its position in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd bought a new position in Fortinet during the 3rd quarter worth about $10,343,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on FTNT shares. Scotiabank boosted their price target on Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a report on Tuesday, January 21st. The Goldman Sachs Group boosted their target price on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. JPMorgan Chase & Co. upped their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Rosenblatt Securities lifted their price objective on shares of Fortinet from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $96.83.

Fortinet Stock Performance

Shares of FTNT stock opened at $100.88 on Friday. The company has a market capitalization of $77.32 billion, a price-to-earnings ratio of 50.95, a PEG ratio of 2.61 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, Inc. has a 52 week low of $54.57 and a 52 week high of $102.87. The company has a 50-day simple moving average of $96.42 and a 200 day simple moving average of $82.98.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, sell-side analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

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.