CANADA LIFE ASSURANCE Co Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

CANADA LIFE ASSURANCE Co raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 784,287 shares of the software maker's stock after purchasing an additional 74,587 shares during the period. CANADA LIFE ASSURANCE Co owned 0.10% of Fortinet worth $74,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in FTNT. Anchor Investment Management LLC grew its stake in Fortinet by 4.2% during the 3rd quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker's stock worth $3,565,000 after buying an additional 1,866 shares during the last quarter. Pine Valley Investments Ltd Liability Co purchased a new stake in shares of Fortinet during the third quarter worth about $9,818,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Fortinet during the third quarter valued at about $280,000. Optimist Retirement Group LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $394,000. Finally, Tidal Investments LLC boosted its stake in Fortinet by 311.3% in the 3rd quarter. Tidal Investments LLC now owns 133,226 shares of the software maker's stock worth $10,332,000 after purchasing an additional 100,832 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of 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. In the last ninety days, insiders sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is owned by insiders.

Fortinet Stock Up 0.1 %

Shares of NASDAQ FTNT opened at $96.13 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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 company's 50-day simple moving average is $100.95 and its 200-day simple moving average is $95.03. The firm has a market cap of $73.92 billion, a price-to-earnings ratio of 42.54, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

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

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Robert W. Baird reaffirmed a "neutral" rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Piper Sandler reissued an "overweight" rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, UBS Group set a $123.00 target price on Fortinet in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $105.17.

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.

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