E. Ohman J or Asset Management AB Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

E. Ohman J or Asset Management AB raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 11.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 837,361 shares of the software maker’s stock after purchasing an additional 85,061 shares during the quarter. Fortinet accounts for about 1.6% of E. Ohman J or Asset Management AB’s portfolio, making the stock its 11th biggest position. E. Ohman J or Asset Management AB owned approximately 0.11% of Fortinet worth $64,937,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD raised its stake in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new position in shares of Fortinet in the first quarter valued at approximately $548,013,000. Marshall Wace LLP grew its holdings in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after acquiring an additional 1,662,156 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock worth $6,790,149 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. Scotiabank upped their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Barclays increased their price objective on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Truist Financial increased their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup increased their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Finally, UBS Group raised their price target on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $73.25.

Fortinet Trading Up 0.3 %

NASDAQ FTNT opened at $80.62 on Friday. The stock’s 50-day simple moving average is $77.52 and its two-hundred day simple moving average is $66.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a market capitalization of $61.59 billion, a price-to-earnings ratio of 52.69, a PEG ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business posted $0.31 earnings per share. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

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.