Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 53.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 71,290 shares of the software maker’s stock after buying an additional 24,937 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Fortinet were worth $6,653,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in FTNT. OneDigital Investment Advisors LLC increased its position in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares in the last quarter. Natixis Advisors LLC increased its position in shares of Fortinet by 2.2% in the third quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after acquiring an additional 3,836 shares in the last quarter. Claro Advisors LLC acquired a new stake in shares of Fortinet in the third quarter worth $487,000. Aviance Capital Partners LLC acquired a new stake in shares of Fortinet in the third quarter worth $236,000. Finally, Pathstone Holdings LLC grew its holdings in Fortinet by 3.9% during the 3rd quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker’s stock valued at $4,525,000 after purchasing an additional 2,196 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on FTNT. Morgan Stanley began coverage on shares of Fortinet in a report on Tuesday. They set an “overweight” rating and a $123.00 price target for the company. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Wedbush raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Wells Fargo & Company raised their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $105.69.

Fortinet Trading Up 0.2 %

Shares of NASDAQ:FTNT opened at $96.91 on Wednesday. The company has a market cap of $74.52 billion, a PE ratio of 42.88, a P/E/G ratio of 4.19 and a beta of 0.97. The company’s 50-day moving average price is $102.17 and its 200 day moving average price is $92.08. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. 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 issued 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom bought 328 shares of the stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 in the last ninety days. 18.00% of the stock is owned by insiders.

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.