Bridgewater Associates LP Acquires 732,872 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bridgewater Associates LP boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 364.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 933,694 shares of the software maker's stock after purchasing an additional 732,872 shares during the period. Bridgewater Associates LP owned about 0.12% of Fortinet worth $88,215,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Orion Portfolio Solutions LLC grew its position in shares of Fortinet by 3.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,442 shares of the software maker's stock worth $965,000 after acquiring an additional 416 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in Fortinet by 4.2% in the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker's stock worth $3,565,000 after purchasing an additional 1,866 shares during the period. Pine Valley Investments Ltd Liability Co acquired a new position in Fortinet in the third quarter worth $9,818,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Fortinet during the third quarter worth $280,000. Finally, Optimist Retirement Group LLC bought a new position in shares of Fortinet in the 3rd quarter worth about $394,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FTNT shares. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. UBS Group set a $123.00 price target on Fortinet in a research report on Tuesday, March 18th. Stephens assumed coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. Raymond James reiterated a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $105.17.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was 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 in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 0.1 %

FTNT stock traded up $0.06 during midday trading on Friday, reaching $96.13. The stock had a trading volume of 2,979,093 shares, compared to its average volume of 5,076,736. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market cap of $73.92 billion, a price-to-earnings ratio of 42.54, a PEG ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $100.70 and a two-hundred day simple moving average of $95.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.