Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.3% in the 4th quarter, HoldingsChannel reports. The fund owned 41,703 shares of the software maker’s stock after acquiring an additional 5,539 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Fortinet were worth $3,940,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Public Sector Pension Investment Board increased its holdings in shares of Fortinet by 14.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock valued at $1,998,000 after purchasing an additional 3,300 shares in the last quarter. Captrust Financial Advisors grew its position in Fortinet by 21.0% during the third quarter. Captrust Financial Advisors now owns 50,096 shares of the software maker’s stock worth $3,885,000 after buying an additional 8,708 shares during the period. Erste Asset Management GmbH purchased a new position in Fortinet in the third quarter valued at about $93,000. Investment Management Corp of Ontario lifted its position in shares of Fortinet by 49.0% during the 3rd quarter. Investment Management Corp of Ontario now owns 21,601 shares of the software maker’s stock valued at $1,675,000 after acquiring an additional 7,100 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of Fortinet by 10.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker’s stock worth $931,000 after acquiring an additional 1,088 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FTNT. Wells Fargo & Company raised their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Royal Bank of Canada upped their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $105.77.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’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 value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 1.5 %

Shares of FTNT opened at $98.08 on Thursday. The stock’s fifty day simple moving average is $102.99 and its 200 day simple moving average is $93.71. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $75.42 billion, a P/E ratio of 43.40, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released 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%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current 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.