Global Trust Asset Management LLC Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

Global Trust Asset Management LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 236.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,210 shares of the software maker’s stock after buying an additional 3,660 shares during the period. Global Trust Asset Management LLC’s holdings in Fortinet were worth $492,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. Marshall Wace LLP raised its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. FMR LLC increased its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. AQR Capital Management LLC raised its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the period. Finally, State Street Corp boosted its position in Fortinet by 2.9% in 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 buying an additional 766,135 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 3.2 %

Shares of NASDAQ FTNT opened at $97.20 on Wednesday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The stock has a market cap of $74.50 billion, a PE ratio of 49.09, a P/E/G ratio of 2.49 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average of $95.58 and a 200 day moving average of $81.10.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the firm posted $0.35 EPS. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of several research reports. Royal Bank of Canada lifted their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Scotiabank increased their price target on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, Robert W. Baird lifted their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $96.33.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of Fortinet 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 completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by corporate insiders.

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.