Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by DnB Asset Management AS

DnB Asset Management AS grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,029 shares of the software maker’s stock after purchasing an additional 5,157 shares during the period. DnB Asset Management AS’s holdings in Fortinet were worth $11,151,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FTNT. First Hawaiian Bank purchased a new stake in Fortinet during the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI increased its position in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares during the period. Trilogy Capital Inc. raised its stake in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. boosted its holdings in Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after purchasing an additional 169,530 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Fortinet during the 3rd quarter worth $10,343,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 3.0 %

Shares of NASDAQ:FTNT opened at $96.60 on Friday. 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. The firm’s 50-day simple moving average is $102.97 and its 200-day simple moving average is $93.26. The company has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FTNT shares. Jefferies Financial Group lifted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Scotiabank increased their price objective on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $105.69.

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.