Advisors Asset Management Inc. Buys 4,800 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Advisors Asset Management Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 24.5% in the 4th quarter, HoldingsChannel reports. The firm owned 24,380 shares of the software maker’s stock after acquiring an additional 4,800 shares during the quarter. Advisors Asset Management Inc.’s holdings in Fortinet were worth $2,303,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp increased its position in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. Amundi increased its position in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Fortinet by 10.3% during the third 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 worth $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after acquiring an additional 156,766 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on 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 sale, the chief executive officer now directly 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. In the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $98.65 on Friday. The company’s fifty day moving average price is $102.34 and its 200-day moving average price is $92.42. The firm has a market capitalization of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG 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 current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on FTNT. Jefferies Financial Group upped their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Scotiabank upped their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Rosenblatt Securities upped their price objective 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. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $105.69.

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.