Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Fox Run Management L.L.C.

Fox Run Management L.L.C. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 18.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,369 shares of the software maker’s stock after acquiring an additional 521 shares during the quarter. Fox Run Management L.L.C.’s holdings in Fortinet were worth $318,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares in the last quarter. Amundi boosted its position in Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after acquiring an additional 156,766 shares during the last quarter. 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 Fortinet stock in a transaction on 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 of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 in the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 1.1 %

Shares of FTNT stock opened at $101.01 on Thursday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a 50 day moving average price of $102.81 and a 200 day moving average price of $92.95. The stock has a market capitalization of $77.67 billion, a P/E ratio of 44.69, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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 fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FTNT shares. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Royal Bank of Canada upped their target price on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, March 21st. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, UBS Group set a $123.00 target price on shares of Fortinet in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $105.69.

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.