Brown Brothers Harriman & Co. Acquires 612 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Brown Brothers Harriman & Co. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,428 shares of the software maker’s stock after purchasing an additional 612 shares during the period. Brown Brothers Harriman & Co.’s holdings in Fortinet were worth $418,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. First Hawaiian Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI grew its holdings in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Trilogy Capital Inc. raised its holdings in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Fortinet in the 3rd quarter valued at $10,343,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 0.4 %

FTNT stock opened at $96.26 on Tuesday. The business’s 50 day simple moving average is $103.01 and its 200 day simple moving average is $93.53. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $74.02 billion, a PE ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. Piper Sandler reiterated an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. Morgan Stanley began coverage on shares of Fortinet in a report on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 price target for the company. Finally, Mizuho raised their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $105.69.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last quarter. Company insiders own 18.00% 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.