Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 48.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 227,569 shares of the software maker's stock after selling 214,196 shares during the quarter. Canada Pension Plan Investment Board's holdings in Fortinet were worth $21,501,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Anchor Investment Management LLC lifted 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 valued at $3,565,000 after acquiring an additional 1,866 shares during the period. Pine Valley Investments Ltd Liability Co purchased a new stake in Fortinet during the 3rd quarter valued at $9,818,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Fortinet in the 3rd quarter worth $280,000. Optimist Retirement Group LLC bought a new position in Fortinet in the third quarter valued at about $394,000. Finally, Tidal Investments LLC boosted its holdings in shares of Fortinet by 311.3% in the third quarter. Tidal Investments LLC now owns 133,226 shares of the software maker's stock worth $10,332,000 after buying an additional 100,832 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on 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 transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 576,944 shares of company stock worth $56,944,064 in the last three months. Corporate insiders own 18.00% of the company's stock.

Fortinet Trading Up 3.8 %

Shares of FTNT traded up $3.72 during mid-day trading on Thursday, reaching $100.72. 4,085,369 shares of the company's stock traded hands, compared to its average volume of 5,080,763. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market cap of $77.45 billion, a P/E ratio of 44.57, a P/E/G ratio of 4.19 and a beta of 1.09. The stock's 50-day moving average is $99.80 and its two-hundred day moving average is $95.52.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FTNT shares. Morgan Stanley dropped their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Susquehanna upped their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. Wells Fargo & Company lifted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Finally, Rosenblatt Securities lifted their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $104.77.

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.