Bristlecone Advisors LLC Has $8.17 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Bristlecone Advisors LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 86,516 shares of the software maker’s stock after selling 725 shares during the quarter. Bristlecone Advisors LLC’s holdings in Fortinet were worth $8,174,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. FMR LLC increased its holdings in Fortinet by 276.3% in the 3rd 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. Los Angeles Capital Management LLC increased its stake in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp raised its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC lifted its holdings in Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, Bank of Montreal Can grew its stake in Fortinet by 27.6% during the third quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after purchasing an additional 558,807 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on FTNT. Wedbush raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $101.43.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $107.66 on Monday. The business has a 50-day moving average price of $97.38 and a 200-day moving average price of $84.94. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $110.53. The firm has a market cap of $82.52 billion, a price-to-earnings ratio of 47.64, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.05 EPS 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.