Meeder Asset Management Inc. Has $27,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Meeder Asset Management Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 33.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 283 shares of the software maker’s stock after selling 141 shares during the quarter. Meeder Asset Management Inc.’s holdings in Fortinet were worth $27,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. O Shaughnessy Asset Management LLC lifted its stake in Fortinet by 19.0% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 64,481 shares of the software maker’s stock valued at $6,092,000 after acquiring an additional 10,291 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Fortinet by 57.2% during the fourth quarter. California Public Employees Retirement System now owns 1,743,571 shares of the software maker’s stock worth $164,733,000 after purchasing an additional 634,455 shares during the last quarter. Schroder Investment Management Group bought a new stake in Fortinet in the 4th quarter worth about $389,867,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 1.5 %

Shares of Fortinet stock opened at $98.08 on Thursday. 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 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market cap of $75.42 billion, a PE ratio of 43.40, a PEG ratio of 4.19 and a beta of 0.97. The company has a 50 day simple moving average of $102.99 and a two-hundred day simple moving average of $93.71.

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

Insider Activity

In related news, 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 transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was 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 directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FTNT. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. UBS Group set a $123.00 target price on Fortinet in a research report on Tuesday, March 18th. Rosenblatt Securities boosted their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Mizuho increased their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, Citigroup lifted their price objective 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. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $105.77.

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.