World Investment Advisors Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

World Investment Advisors purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 3,114 shares of the software maker’s stock, valued at approximately $294,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Fortinet during the fourth quarter worth $724,048,000. Schroder Investment Management Group purchased a new position in shares of Fortinet during the fourth quarter valued at about $389,867,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Amundi lifted 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 worth $631,700,000 after buying an additional 1,766,860 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in 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 valued at $275,877,000 after buying an additional 1,682,708 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was 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 of the company’s stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom acquired 328 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Royal Bank of Canada upped 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. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Finally, Wells Fargo & Company increased their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $105.77.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $88.15 on Wednesday. The firm has a 50 day moving average of $101.96 and a 200 day moving average of $94.13. 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 has a market capitalization of $67.79 billion, a price-to-earnings ratio of 39.00, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.