Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 39.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,622,253 shares of the software maker’s stock after purchasing an additional 2,151,811 shares during the period. Fortinet makes up 0.6% of Arrowstreet Capital Limited Partnership’s holdings, making the stock its 27th largest position. Arrowstreet Capital Limited Partnership owned approximately 0.99% of Fortinet worth $720,150,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. State Street Corp lifted its holdings in shares of Fortinet by 2.9% in the 3rd 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 during the period. Geode Capital Management LLC boosted its stake in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Norges Bank acquired a new stake in Fortinet during the fourth quarter worth about $724,048,000. Finally, Amundi grew its holdings in Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 over the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Trading Down 3.0 %

Shares of FTNT opened at $96.60 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $74.28 billion, a P/E ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. The firm has a 50-day moving average price of $102.97 and a 200 day moving average price of $93.26. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Citigroup upped their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet 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.