National Pension Service Has $147.76 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

National Pension Service lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,905,403 shares of the software maker’s stock after acquiring an additional 244,988 shares during the period. National Pension Service owned approximately 0.25% of Fortinet worth $147,764,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB lifted its position in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP raised its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Up 0.1 %

Shares of NASDAQ FTNT opened at $78.84 on Tuesday. Fortinet, Inc. has a 1 year low of $47.66 and a 1 year high of $83.77. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a market capitalization of $60.31 billion, a price-to-earnings ratio of 46.65, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The business has a 50-day moving average of $78.06 and a two-hundred day moving average of $67.52.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned $0.31 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. On average, analysts forecast that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 70,538 shares of company stock worth $5,403,559 in the last quarter. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Barclays increased their price objective on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Rosenblatt Securities lifted their price target on shares of Fortinet from $72.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Truist Financial raised their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Citigroup boosted their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $74.68.

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.