Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Quantbot Technologies LP

Quantbot Technologies LP grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 162,727 shares of the software maker’s stock after acquiring an additional 14,202 shares during the period. Fortinet comprises about 0.6% of Quantbot Technologies LP’s holdings, making the stock its 13th biggest position. Quantbot Technologies LP’s holdings in Fortinet were worth $15,374,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. FMR LLC increased its holdings in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Amundi grew its position in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Fortinet by 136.0% during the 4th 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. State Street Corp increased its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Fortinet during the 4th quarter worth approximately $69,381,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on FTNT. Piper Sandler reiterated an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Scotiabank lifted their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. Finally, BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Stock Performance

NASDAQ:FTNT opened at $93.42 on Friday. The firm has a 50-day moving average of $102.22 and a two-hundred day moving average of $91.41. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market cap of $71.84 billion, a P/E ratio of 41.34, 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.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 622,904 shares of company stock worth $61,338,694. 18.00% of the stock is currently owned by insiders.

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.