iA Global Asset Management Inc. Purchases 28,422 Shares of Fortinet, Inc. (NASDAQ:FTNT)

iA Global Asset Management Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 114,776 shares of the software maker’s stock after purchasing an additional 28,422 shares during the quarter. iA Global Asset Management Inc.’s holdings in Fortinet were worth $10,844,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. OneDigital Investment Advisors LLC lifted its position in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the period. Natixis Advisors LLC boosted its stake in shares of Fortinet by 2.2% in the 3rd quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock valued at $13,577,000 after purchasing an additional 3,836 shares in the last quarter. Aviance Capital Partners LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $236,000. Pathstone Holdings LLC boosted its stake in shares of Fortinet by 3.9% in the 3rd quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker’s stock valued at $4,525,000 after purchasing an additional 2,196 shares in the last quarter. Finally, BIP Wealth LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $295,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $98.17 on Thursday. The company has a fifty day simple moving average of $102.21 and a 200 day simple moving average of $92.12. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $75.49 billion, a P/E ratio of 43.44, a PEG ratio of 4.19 and a beta of 0.97.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FTNT shares. Truist Financial restated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Royal Bank of Canada raised their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Wells Fargo & Company raised their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Mizuho lifted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $105.69.

Insider Activity at Fortinet

In other news, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by company 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.