AlphaQuest LLC Purchases 6,114 Shares of Fortinet, Inc. (NASDAQ:FTNT)

AlphaQuest LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 180.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 9,495 shares of the software maker’s stock after buying an additional 6,114 shares during the period. AlphaQuest LLC’s holdings in Fortinet were worth $897,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted 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 buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its position 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 buying an additional 354,692 shares during the last quarter. Amundi boosted its position 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 buying an additional 1,766,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 buying an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after buying an additional 156,766 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

FTNT opened at $96.04 on Tuesday. The business’s 50-day moving average price is $102.08 and its two-hundred day moving average price is $91.19. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market capitalization of $73.85 billion, a price-to-earnings ratio of 42.50, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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%. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada increased their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.72.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 87,120 shares of company stock worth $8,991,409 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

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.