Castellan Group Takes $8.24 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Castellan Group purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 87,208 shares of the software maker's stock, valued at approximately $8,239,000. Fortinet comprises approximately 3.6% of Castellan Group's holdings, making the stock its 4th biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC raised its stake in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock valued at $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the period. State Street Corp grew its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC lifted its holdings in Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker's stock valued at $113,057,000 after acquiring an additional 724,887 shares during the period. Finally, Bank of Montreal Can boosted its position in Fortinet by 27.6% in the third quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker's stock worth $200,172,000 after purchasing an additional 558,807 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Up 1.5 %

Shares of FTNT stock traded up $1.66 during mid-day trading on Monday, hitting $111.64. 4,974,960 shares of the stock traded hands, compared to its average volume of 4,073,400. The stock has a market cap of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37. The stock's fifty day moving average is $98.60 and its two-hundred day moving average is $86.77. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

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 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 463.85%. Equities analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FTNT shares. Scotiabank increased their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research note on Friday, February 7th. UBS Group increased their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Royal Bank of Canada raised their target price on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a report on Friday, February 7th. Finally, Barclays boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $103.72.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company's stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

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.