2,950 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Sustainable Insight Capital Management LLC

Sustainable Insight Capital Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,950 shares of the software maker’s stock, valued at approximately $279,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC boosted its holdings in shares of Fortinet by 276.3% in the third 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. AQR Capital Management LLC raised its stake in shares of Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after buying an additional 1,265,162 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp boosted its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its holdings in Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after acquiring an additional 724,887 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FTNT. Cantor Fitzgerald raised their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Stifel Nicolaus upped their price target on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, BMO Capital Markets lifted their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $96.83.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.8 %

FTNT stock opened at $97.45 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a 50-day moving average of $95.65 and a two-hundred day moving average of $81.33. The stock has a market capitalization of $74.69 billion, a price-to-earnings ratio of 49.22, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the business posted $0.35 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.95 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.