Ilmarinen Mutual Pension Insurance Co Has $12.76 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Ilmarinen Mutual Pension Insurance Co increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 135,000 shares of the software maker’s stock after purchasing an additional 10,000 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in Fortinet were worth $12,755,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. boosted its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in Fortinet in the fourth quarter valued at $43,000. Golden State Wealth Management LLC acquired a new position in Fortinet during the fourth quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. bought a new position in shares of Fortinet during the fourth quarter valued at $56,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Jefferies Financial Group dropped their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, March 31st. The Goldman Sachs Group raised their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Scotiabank lifted their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Stephens started coverage on Fortinet in a research report on Tuesday. They set an “equal weight” rating and a $108.00 price target on the stock. Finally, Rosenblatt Securities lifted their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $105.77.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following 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 disclosure for this sale can be found here. In the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $84.71 on Friday. 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 firm has a market cap of $65.14 billion, a price-to-earnings ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock’s 50-day moving average is $102.59 and its 200-day moving average is $93.74.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.