Fortinet, Inc. (NASDAQ:FTNT) Stock Position Boosted by Sei Investments Co.

Sei Investments Co. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 157.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 474,458 shares of the software maker’s stock after buying an additional 290,089 shares during the quarter. Sei Investments Co.’s holdings in Fortinet were worth $44,827,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Manchester Capital Management LLC increased its stake in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the period. Fifth Third Wealth Advisors LLC increased its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the period. Fielder Capital Group LLC raised its stake in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares during the period. Finally, Truvestments Capital LLC boosted its stake in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after buying an additional 127 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $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. 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 company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Scotiabank boosted their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company increased their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $105.69.

Fortinet Stock Up 1.2 %

FTNT stock opened at $99.79 on Tuesday. The firm has a market cap of $76.74 billion, a PE ratio of 44.16, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a fifty day simple moving average of $102.46 and a 200 day simple moving average of $92.70. 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 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 return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.