Fortinet, Inc. (NASDAQ:FTNT) Holdings Lifted by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 164.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,673 shares of the software maker’s stock after acquiring an additional 15,971 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Fortinet were worth $2,426,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FTNT. First Hawaiian Bank acquired a new stake in shares of Fortinet during the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI raised its stake in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC lifted its holdings in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden boosted its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Fortinet during the third quarter valued at approximately $10,343,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 0.0 %

Shares of NASDAQ:FTNT opened at $100.88 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $77.32 billion, a P/E ratio of 50.95, a P/E/G ratio of 2.61 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $102.87. The company’s 50-day moving average price is $96.42 and its two-hundred day moving average price is $82.98.

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

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. The Goldman Sachs Group upped their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Cantor Fitzgerald boosted their price objective on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Finally, Bank of America upped their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $96.83.

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.