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17,890 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Milestone Asset Management LLC

Fortinet logo with Computer and Technology background

Milestone Asset Management LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,890 shares of the software maker's stock, valued at approximately $1,690,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC grew its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp lifted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC raised its position in shares of Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker's stock valued at $113,057,000 after purchasing an additional 724,887 shares during the period. Finally, Bank of Montreal Can raised its stake in Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker's stock valued at $200,172,000 after purchasing an additional 558,807 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business's stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 over the last ninety days. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded down $0.05 during trading on Friday, hitting $100.88. 4,089,598 shares of the stock traded hands, compared to its average volume of 3,667,071. The company has a fifty day moving average price of $96.42 and a two-hundred day moving average price of $83.14. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $102.87. The company has a market cap of $77.32 billion, a price-to-earnings ratio of 50.95, a P/E/G ratio of 2.61 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research analyst reports. Cantor Fitzgerald boosted their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 19th. Wells Fargo & Company lifted their price objective on shares of Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 19th. Raymond James reiterated a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. Finally, Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $96.83.

Check Out Our Latest Stock Report on FTNT

About Fortinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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