Scotia Capital Inc. Invests $11.44 Million in Fortinet, Inc. (NASDAQ:FTNT)

Scotia Capital Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 121,079 shares of the software maker's stock, valued at approximately $11,440,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Manchester Capital Management LLC lifted its stake in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after acquiring an additional 107 shares during the period. Fielder Capital Group LLC raised its position in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after buying an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after acquiring an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on FTNT shares. The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Wells Fargo & Company increased their target price on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Royal Bank of Canada increased their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a report on Friday, February 7th. Scotiabank raised their price target on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a report on Friday, February 7th. Finally, Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average target price of $105.17.

Fortinet Trading Down 1.2 %

Shares of FTNT stock traded down $1.23 on Wednesday, reaching $97.97. The company had a trading volume of 1,955,756 shares, compared to its average volume of 5,055,690. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average of $101.45 and a 200-day moving average of $94.89. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $75.34 billion, a PE ratio of 43.35, a PEG ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares of the company's stock, valued at $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 576,944 shares of company stock worth $56,944,064. 18.00% of the stock is currently owned by insiders.

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.