Cibc World Market Inc. Has $21.62 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Cibc World Market Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 228,835 shares of the software maker's stock after acquiring an additional 6,988 shares during the period. Cibc World Market Inc.'s holdings in Fortinet were worth $21,620,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FTNT. Mediolanum International Funds Ltd grew its position in shares of Fortinet by 10.2% in the 4th quarter. Mediolanum International Funds Ltd now owns 253,257 shares of the software maker's stock valued at $24,033,000 after buying an additional 23,445 shares during the last quarter. Capital Investment Advisory Services LLC raised its stake in shares of Fortinet by 5.4% during the fourth quarter. Capital Investment Advisory Services LLC now owns 4,455 shares of the software maker's stock worth $421,000 after purchasing an additional 230 shares during the last quarter. OLD National Bancorp IN boosted its holdings in shares of Fortinet by 47.5% in the fourth quarter. OLD National Bancorp IN now owns 198,677 shares of the software maker's stock valued at $18,771,000 after acquiring an additional 64,017 shares in the last quarter. Synergy Asset Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $269,000. Finally, Gries Financial LLC raised its position in Fortinet by 19.2% in the fourth quarter. Gries Financial LLC now owns 4,600 shares of the software maker's stock worth $435,000 after acquiring an additional 742 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on FTNT shares. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Truist Financial reaffirmed a "buy" rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Wedbush lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Finally, Rosenblatt Securities upped their price objective on shares of Fortinet from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $97.73.

Fortinet Stock Up 1.1 %

NASDAQ FTNT traded up $1.10 during trading on Tuesday, hitting $102.00. 2,037,822 shares of the company traded hands, compared to its average volume of 4,022,008. The company has a market capitalization of $78.18 billion, a P/E ratio of 51.53, a PEG ratio of 2.65 and a beta of 1.01. The business has a fifty day simple moving average of $96.57 and a 200 day simple moving average of $83.61. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $102.87. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the prior year, the firm earned $0.35 EPS. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company's stock.

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.