Bank of Montreal Can Sells 716,969 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bank of Montreal Can trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,867,559 shares of the software maker's stock after selling 716,969 shares during the period. Bank of Montreal Can owned 0.24% of Fortinet worth $176,447,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Fortinet by 1.1% during 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 period. Geode Capital Management LLC increased its stake in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after buying an additional 387,901 shares during the period. Norges Bank bought a new stake in shares of Fortinet during the 4th quarter worth about $724,048,000. Arrowstreet Capital Limited Partnership raised its position in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Amundi lifted its stake in shares of Fortinet by 36.7% in the 4th 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. Institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 328 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Up 1.5 %

Shares of NASDAQ FTNT traded up $1.41 during trading hours on Friday, hitting $97.73. The stock had a trading volume of 5,502,704 shares, compared to its average volume of 5,074,365. The firm's 50-day moving average price is $101.72 and its two-hundred day moving average price is $94.72. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market capitalization of $75.15 billion, a P/E ratio of 43.24, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. Analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FTNT. Guggenheim reissued a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Royal Bank of Canada boosted their price objective on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Friday, February 7th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Stephens initiated coverage on Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $105.77.

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.