Harel Insurance Investments & Financial Services Ltd. Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,049 shares of the software maker’s stock after acquiring an additional 4,587 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Fortinet were worth $3,878,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. State Street Corp raised its position in shares of Fortinet by 2.9% during 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. Geode Capital Management LLC raised its holdings in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after acquiring an additional 68,852 shares during the period. Finally, FMR LLC grew its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.6 %

Shares of NASDAQ:FTNT opened at $96.90 on Friday. The firm has a market capitalization of $74.27 billion, a price-to-earnings ratio of 48.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The business’s 50 day moving average price is $95.70 and its 200-day moving average price is $81.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the business earned $0.35 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Wedbush raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. The Goldman Sachs Group lifted their target price on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. Finally, Barclays increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $96.83.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

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.