Pictet Asset Management Holding SA Acquires 38,654 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pictet Asset Management Holding SA lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,890,985 shares of the software maker’s stock after purchasing an additional 38,654 shares during the period. Pictet Asset Management Holding SA owned 0.38% of Fortinet worth $273,140,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. grew its holdings in Fortinet by 96.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 555,572 shares of the software maker’s stock worth $52,490,000 after acquiring an additional 272,582 shares during the period. New Age Alpha Advisors LLC acquired a new position in Fortinet during the 4th quarter valued at about $520,000. Norges Bank bought a new stake in Fortinet during the 4th quarter worth approximately $724,048,000. Caisse Des Depots ET Consignations purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $1,027,000. Finally, AssuredPartners Investment Advisors LLC bought a new stake in Fortinet during the fourth quarter worth $528,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT opened at $99.54 on Friday. The stock has a market capitalization of $76.54 billion, a P/E ratio of 44.04, a P/E/G ratio of 4.19 and a beta of 0.97. The company’s 50-day simple moving average is $102.92 and its two-hundred day simple moving average is $92.99. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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 posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the transaction, 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. Over the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on FTNT shares. Wells Fargo & Company increased their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Scotiabank lifted their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Cantor Fitzgerald increased their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. KeyCorp raised 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 report on Thursday, December 19th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet 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.