Pictet Asset Management Holding SA Buys 38,654 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pictet Asset Management Holding SA lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,890,985 shares of the software maker’s stock after purchasing an additional 38,654 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Fortinet were worth $273,140,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Fisher Asset Management LLC raised its stake in shares of Fortinet by 29.3% in the third quarter. Fisher Asset Management LLC now owns 37,010 shares of the software maker’s stock valued at $2,870,000 after acquiring an additional 8,392 shares during the period. Loomis Sayles & Co. L P boosted its position in shares of Fortinet by 97.5% during the third quarter. Loomis Sayles & Co. L P now owns 7,086 shares of the software maker’s stock valued at $550,000 after buying an additional 3,499 shares during the period. Brown Brothers Harriman & Co. grew its stake in shares of Fortinet by 9.7% during the third quarter. Brown Brothers Harriman & Co. now owns 3,816 shares of the software maker’s stock valued at $296,000 after buying an additional 336 shares during the last quarter. Dai ichi Life Insurance Company Ltd raised its holdings in shares of Fortinet by 198.5% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 15,037 shares of the software maker’s stock worth $1,166,000 after buying an additional 10,000 shares during the period. Finally, FMR LLC lifted its stake in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FTNT. Scotiabank increased their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Stifel Nicolaus upped their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Mizuho increased their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $105.69.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $99.54 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market cap of $76.54 billion, a PE ratio of 44.04, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50-day simple moving average of $102.92 and a two-hundred day simple moving average of $92.99.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by 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.