Caisse Des Depots ET Consignations Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Caisse Des Depots ET Consignations purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 10,866 shares of the software maker’s stock, valued at approximately $1,027,000.

Other large investors have also recently bought and sold shares of the company. Manchester Capital Management LLC increased its position in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the last quarter. Fielder Capital Group LLC raised its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC grew its position in Fortinet by 3.0% in the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after acquiring an additional 127 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the subject of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. JPMorgan Chase & Co. boosted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Royal Bank of Canada increased their price objective on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Susquehanna boosted their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $105.69.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $517,076.48. The trade was a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Stock Down 1.5 %

Shares of NASDAQ FTNT opened at $99.54 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $76.54 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm’s 50-day simple moving average is $102.92 and its 200 day simple moving average is $92.99.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.