Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Increased by Bessemer Group Inc.

Bessemer Group Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 72.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,906,439 shares of the software maker's stock after buying an additional 2,064,016 shares during the period. Fortinet comprises 0.8% of Bessemer Group Inc.'s investment portfolio, making the stock its 22nd biggest holding. Bessemer Group Inc. owned approximately 0.64% of Fortinet worth $463,561,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in Fortinet during the 4th quarter valued at about $43,000. Golden State Wealth Management LLC acquired a new position in Fortinet during the fourth quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $56,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares of the company's stock, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by insiders.

Fortinet Stock Performance

Fortinet stock traded down $1.79 during mid-day trading on Monday, reaching $95.94. The company's stock had a trading volume of 1,662,855 shares, compared to its average volume of 5,061,090. The firm has a market cap of $73.78 billion, a price-to-earnings ratio of 42.45, a PEG ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business has a 50 day moving average price of $101.72 and a 200-day moving average price of $94.72. 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 - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FTNT shares. Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a report on Friday, February 7th. Scotiabank lifted their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a report on Friday, February 7th. Citigroup lifted their target price 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. Finally, KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $105.77.

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.