Motley Fool Asset Management LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Motley Fool Asset Management LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,189 shares of the software maker’s stock after acquiring an additional 554 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Fortinet were worth $1,357,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FTNT. State of New Jersey Common Pension Fund D boosted its position in Fortinet by 0.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 384,735 shares of the software maker’s stock valued at $22,519,000 after buying an additional 3,036 shares during the period. Syon Capital LLC grew its position in Fortinet by 17.5% during the 4th quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock worth $299,000 after acquiring an additional 758 shares during the last quarter. Meritage Portfolio Management increased its stake in Fortinet by 6.7% in the 4th quarter. Meritage Portfolio Management now owns 383,548 shares of the software maker’s stock worth $22,449,000 after purchasing an additional 23,946 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its position in Fortinet by 15.2% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 18,987 shares of the software maker’s stock valued at $1,111,000 after purchasing an additional 2,511 shares during the last quarter. Finally, NewSquare Capital LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $59,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock valued at $8,977,876 over the last 90 days. 17.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on FTNT. Scotiabank upped their price target on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. Wells Fargo & Company upped their target price on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Morgan Stanley lifted their price target on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, Truist Financial lifted their target price on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $72.19.

Fortinet Stock Performance

NASDAQ FTNT traded up $0.15 during trading hours on Friday, hitting $64.18. 4,138,201 shares of the company’s stock traded hands, compared to its average volume of 5,777,599. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The firm has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a P/E/G ratio of 2.91 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The business’s fifty day moving average price is $67.96 and its two-hundred day moving average price is $61.75.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. Fortinet’s revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 EPS. Equities research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current 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.