Handelsbanken Fonder AB Has $22.43 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Handelsbanken Fonder AB raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 21.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 237,404 shares of the software maker’s stock after purchasing an additional 41,609 shares during the quarter. Handelsbanken Fonder AB’s holdings in Fortinet were worth $22,430,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC raised its stake 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 acquiring an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. State Street Corp raised its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its stake 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 worth $113,057,000 after purchasing an additional 724,887 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its holdings in shares of Fortinet by 1,084.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock worth $62,103,000 after purchasing an additional 601,801 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Down 0.3 %

NASDAQ FTNT opened at $114.19 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock’s 50-day moving average is $99.88 and its 200-day moving average is $87.93. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $87.52 billion, a P/E ratio of 50.53, a P/E/G ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its quarterly 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 87,110 shares of company stock valued at $8,751,689. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Rosenblatt Securities upped their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Piper Sandler restated an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Cantor Fitzgerald increased their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $103.72.

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.