Ilmarinen Mutual Pension Insurance Co Acquires 10,000 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ilmarinen Mutual Pension Insurance Co raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,000 shares of the software maker’s stock after buying an additional 10,000 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in Fortinet were worth $12,755,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Public Sector Pension Investment Board raised its stake in Fortinet by 14.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock valued at $1,998,000 after acquiring an additional 3,300 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of Fortinet by 10.0% in the third quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker’s stock valued at $931,000 after purchasing an additional 1,088 shares during the period. IHT Wealth Management LLC lifted its stake in shares of Fortinet by 4.9% during the 3rd quarter. IHT Wealth Management LLC now owns 5,205 shares of the software maker’s stock worth $402,000 after buying an additional 243 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in shares of Fortinet by 1.5% during the 3rd quarter. Royal London Asset Management Ltd. now owns 382,668 shares of the software maker’s stock worth $29,676,000 after buying an additional 5,623 shares during the period. Finally, Quantinno Capital Management LP grew its stake in Fortinet by 73.3% in the 3rd quarter. Quantinno Capital Management LP now owns 47,992 shares of the software maker’s stock valued at $3,722,000 after buying an additional 20,292 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. 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 quarter. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Rosenblatt Securities boosted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Wells Fargo & Company raised their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.77.

Fortinet Trading Down 5.3 %

NASDAQ FTNT opened at $84.71 on Friday. The firm has a market capitalization of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The business’s 50-day moving average price is $102.59 and its two-hundred day moving average price is $93.74. 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, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.