Fortinet, Inc. (NASDAQ:FTNT) Stock Position Raised by Linden Thomas Advisory Services LLC

Linden Thomas Advisory Services LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 52,569 shares of the software maker’s stock after purchasing an additional 2,353 shares during the period. Fortinet accounts for 0.6% of Linden Thomas Advisory Services LLC’s investment portfolio, making the stock its 18th biggest holding. Linden Thomas Advisory Services LLC’s holdings in Fortinet were worth $4,967,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in FTNT. State Street Corp grew its holdings in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its stake in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Fortinet by 10.3% in 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 purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated 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 purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet 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 sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $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. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

NASDAQ:FTNT opened at $96.90 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a fifty day moving average price of $95.70 and a 200 day moving average price of $81.59. The stock has a market cap of $74.27 billion, a P/E ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. Analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on FTNT shares. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Mizuho increased their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Robert W. Baird boosted their target price on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Wedbush raised their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Barclays boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $96.83.

Fortinet 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.