Fortinet, Inc. (NASDAQ:FTNT) Stock Position Raised by Investment Management Corp of Ontario

Investment Management Corp of Ontario raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,872 shares of the software maker’s stock after purchasing an additional 6,271 shares during the period. Investment Management Corp of Ontario’s holdings in Fortinet were worth $2,633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter valued at about $724,048,000. Schroder Investment Management Group acquired a new stake in Fortinet in the 4th quarter valued at approximately $389,867,000. FMR LLC grew its holdings in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after buying an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after buying an additional 2,064,016 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.3%

FTNT stock opened at $97.42 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $74.50 billion, a P/E ratio of 43.11, a P/E/G ratio of 4.19 and a beta of 1.16. The business has a 50-day moving average of $98.26 and a 200-day moving average of $97.59. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the firm earned $0.43 earnings per share. Fortinet’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on FTNT. Cantor Fitzgerald lowered their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Wells Fargo & Company reduced their price objective on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, The Goldman Sachs Group raised their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $104.80.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 738,978 shares of company stock valued at $74,135,907. Insiders own 17.20% of the company’s stock.

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.