Royal London Asset Management Ltd. Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Royal London Asset Management Ltd. raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 104.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 782,516 shares of the software maker’s stock after acquiring an additional 399,848 shares during the period. Royal London Asset Management Ltd. owned approximately 0.10% of Fortinet worth $73,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in FTNT. OneDigital Investment Advisors LLC increased its position in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Fortinet by 2.2% during the third quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after acquiring an additional 3,836 shares during the last quarter. Aviance Capital Partners LLC acquired a new position in shares of Fortinet during the third quarter valued at about $236,000. Pathstone Holdings LLC raised its position 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 during the last quarter. Finally, BIP Wealth LLC acquired a new stake in Fortinet in the 3rd quarter worth approximately $295,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 1.3 %

Shares of NASDAQ FTNT opened at $98.17 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company’s 50-day simple moving average is $102.21 and its 200-day simple moving average is $92.12. The firm has a market cap of $75.49 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last announced its 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%. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade 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 have sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FTNT shares. Stifel Nicolaus raised their price target on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Scotiabank lifted their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. UBS Group set a $123.00 price objective on Fortinet in a report on Tuesday. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Finally, Susquehanna increased their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $105.69.

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.