Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Quantbot Technologies LP

Quantbot Technologies LP increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,727 shares of the software maker’s stock after buying an additional 14,202 shares during the period. Fortinet comprises approximately 0.6% of Quantbot Technologies LP’s investment portfolio, making the stock its 13th largest holding. Quantbot Technologies LP’s holdings in Fortinet were worth $15,374,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. State Street Corp raised its holdings in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC raised its stake in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Amundi lifted its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Fortinet by 10.3% in the 3rd 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 purchasing an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after purchasing an additional 156,766 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FTNT shares. TD Cowen raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets raised their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Rosenblatt Securities lifted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $93.42 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market capitalization of $71.84 billion, a price-to-earnings ratio of 41.34, a PEG ratio of 4.19 and a beta of 0.97. The company has a 50-day simple moving average of $102.22 and a 200-day simple moving average of $91.41. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 return on equity of 256.53% and a net margin of 29.30%. On average, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 622,904 shares of company stock worth $61,338,694. 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.