Fortinet, Inc. (NASDAQ:FTNT) Holdings Lifted by NEOS Investment Management LLC

NEOS Investment Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 24.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 89,741 shares of the software maker’s stock after buying an additional 17,578 shares during the quarter. NEOS Investment Management LLC’s holdings in Fortinet were worth $8,479,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. FMR LLC raised its holdings in shares of 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 purchasing an additional 2,705,767 shares in the last quarter. Amundi lifted its position in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after buying an additional 1,682,708 shares during the last quarter. State Street Corp boosted its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Fortinet in the fourth quarter valued at about $69,381,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT stock opened at $101.01 on Thursday. The firm’s 50 day moving average price is $102.81 and its two-hundred day moving average price is $92.95. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market cap of $77.67 billion, a PE ratio of 44.69, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business’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 value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on FTNT shares. Cantor Fitzgerald raised their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Rosenblatt Securities increased their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Scotiabank lifted their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, March 21st. Finally, Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target 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.