13,027 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Generali Asset Management SPA SGR

Generali Asset Management SPA SGR acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 13,027 shares of the software maker’s stock, valued at approximately $1,231,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA raised its position in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA raised its position in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares in the last quarter. R Squared Ltd bought a new position in Fortinet during the fourth quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC raised its position in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the firm’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 transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FTNT. Jefferies Financial Group raised their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Morgan Stanley initiated coverage on shares of Fortinet in a research report on Tuesday. They issued an “overweight” rating and a $123.00 price target on the stock. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. The Goldman Sachs Group lifted their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $105.69.

Fortinet Stock Up 0.3 %

Shares of NASDAQ FTNT opened at $98.45 on Friday. The firm’s 50-day simple moving average is $102.26 and its 200 day simple moving average is $92.16. The company has a market cap of $75.71 billion, a price-to-earnings ratio of 43.56, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.