Charles Schwab Investment Management Inc. Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Charles Schwab Investment Management Inc. grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,974,625 shares of the software maker’s stock after acquiring an additional 156,766 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Fortinet were worth $375,523,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Stephens Inc. AR raised its holdings in Fortinet by 84.2% in the third quarter. Stephens Inc. AR now owns 10,811 shares of the software maker’s stock worth $838,000 after purchasing an additional 4,941 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Fortinet by 61.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,854 shares of the software maker’s stock worth $532,000 after acquiring an additional 2,598 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Fortinet by 34.1% during the third quarter. Janney Montgomery Scott LLC now owns 109,127 shares of the software maker’s stock valued at $8,463,000 after acquiring an additional 27,722 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in Fortinet in the third quarter valued at approximately $81,000. Finally, QRG Capital Management Inc. grew its holdings in Fortinet by 5.2% in the third quarter. QRG Capital Management Inc. now owns 38,844 shares of the software maker’s stock worth $3,012,000 after purchasing an additional 1,910 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Up 0.3 %

FTNT stock opened at $106.80 on Thursday. The firm’s fifty day moving average is $101.69 and its 200 day moving average is $90.45. The firm has a market cap of $82.13 billion, a PE ratio of 47.26, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year 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 announced its quarterly 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, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on FTNT. Wells Fargo & Company increased their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. TD Cowen raised their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Royal Bank of Canada lifted their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $103.72.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 87,120 shares of company stock valued at $8,991,409 in the last three months. 18.00% of the stock is currently owned by company 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.