Elo Mutual Pension Insurance Co Has $6.36 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Elo Mutual Pension Insurance Co reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,266 shares of the software maker’s stock after selling 1,605 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Fortinet were worth $6,355,000 at the end of the most recent reporting period.

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

Fortinet Trading Down 1.5 %

NASDAQ FTNT opened at $99.54 on Friday. 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 twelve month low of $54.57 and a twelve month 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. The business’s fifty day moving average is $102.92 and its 200 day moving average is $92.99.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on 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 directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on FTNT shares. Citigroup lifted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Rosenblatt Securities upped their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Stifel Nicolaus upped their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Finally, Cantor Fitzgerald lifted their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus 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.