B. Metzler seel. Sohn & Co. AG Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,349 shares of the software maker’s stock after purchasing an additional 1,283 shares during the quarter. B. Metzler seel. Sohn & Co. AG’s holdings in Fortinet were worth $2,585,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTNT. Norges Bank acquired a new stake in Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $389,867,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Amundi lifted its position in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after purchasing an additional 1,682,708 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 0.4 %

Shares of FTNT stock opened at $96.67 on Wednesday. The business’s fifty day moving average price is $103.00 and its 200 day moving average price is $93.68. The firm has a market capitalization of $74.34 billion, a PE ratio of 42.77, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted 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 net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction 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 owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research note on Monday. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. UBS Group set a $123.00 price objective on shares of Fortinet in a report on Tuesday, March 18th. Finally, Wells Fargo & Company upped their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $105.77.

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.