Korea Investment CORP Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Korea Investment CORP raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 92.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 453,930 shares of the software maker’s stock after buying an additional 217,922 shares during the quarter. Korea Investment CORP’s holdings in Fortinet were worth $42,887,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Manchester Capital Management LLC raised its holdings in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC boosted its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC raised its position in Fortinet by 3.0% in the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet 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 sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 1.5 %

NASDAQ:FTNT opened at $99.54 on Friday. The firm has a market capitalization of $76.54 billion, a P/E ratio of 44.04, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50 day simple moving average of $102.92 and a 200 day simple moving average of $92.99. 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, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the subject of several analyst reports. Wells Fargo & Company upped their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, March 21st. Citigroup boosted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Cantor Fitzgerald raised their price target 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, Piper Sandler reiterated an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price 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.