CIBC Asset Management Inc Purchases 8,278 Shares of Fortinet, Inc. (NASDAQ:FTNT)

CIBC Asset Management Inc increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 230,469 shares of the software maker's stock after purchasing an additional 8,278 shares during the period. CIBC Asset Management Inc's holdings in Fortinet were worth $21,775,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of FTNT. First Hawaiian Bank bought a new stake in Fortinet in the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI boosted its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC raised its position in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Trilogy Capital Inc. raised its position in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Finally, Forsta AP Fonden lifted its stake in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 3.7 %

FTNT traded down $4.19 during trading on Friday, hitting $110.02. The company had a trading volume of 5,170,462 shares, compared to its average volume of 4,673,895. The company has a market capitalization of $84.33 billion, a PE ratio of 48.68, a PEG ratio of 4.20 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm's 50-day moving average price is $100.12 and its 200 day moving average price is $88.31.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Finally, StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus price target of $103.72.

Insiders Place Their Bets

In related news, Director William H. Neukom acquired 355 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the company'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 owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,110 shares of company stock valued at $8,751,689 in the last quarter. 18.00% of the stock is currently owned by insiders.

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.