Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 137,180 shares of the software maker’s stock after acquiring an additional 9,000 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Fortinet were worth $12,961,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in FTNT. MONECO Advisors LLC boosted its holdings in Fortinet by 9.8% in the fourth quarter. MONECO Advisors LLC now owns 5,728 shares of the software maker’s stock valued at $541,000 after purchasing an additional 510 shares in the last quarter. Forvis Mazars Wealth Advisors LLC purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $212,000. Howard Capital Management Inc. lifted its position in shares of Fortinet by 3.1% during the 4th quarter. Howard Capital Management Inc. now owns 19,694 shares of the software maker’s stock worth $1,861,000 after buying an additional 589 shares during the last quarter. Bell Bank grew its position in shares of Fortinet by 2.5% in the 4th quarter. Bell Bank now owns 8,916 shares of the software maker’s stock valued at $842,000 after buying an additional 220 shares during the last quarter. Finally, Crumly & Associates Inc. acquired a new stake in Fortinet during the 4th quarter worth $256,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction dated 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 directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 87,110 shares of company stock worth $8,751,689. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Down 3.7 %

Shares of NASDAQ FTNT opened at $110.02 on Monday. The stock has a market capitalization of $84.32 billion, a price-to-earnings ratio of 48.68, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a 50-day moving average price of $100.12 and a 200 day moving average price of $88.67. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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

Analysts Set New Price Targets

Several research firms have issued reports on FTNT. Bank of America upped their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One investment 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $103.72.

About Fortinet

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.