Cibc World Markets Corp Has $11.15 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Cibc World Markets Corp increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 117,988 shares of the software maker's stock after purchasing an additional 14,229 shares during the quarter. Cibc World Markets Corp's holdings in Fortinet were worth $11,148,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter worth approximately $46,000. LFA Lugano Financial Advisors SA lifted its holdings in Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after purchasing an additional 490 shares during the last quarter. Private Trust Co. NA lifted its holdings in Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after purchasing an additional 307 shares during the last quarter. R Squared Ltd acquired a new stake in Fortinet in the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC lifted its holdings in Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after purchasing an additional 163 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 0.2 %

NASDAQ:FTNT traded up $0.20 during mid-day trading on Friday, hitting $98.65. The company had a trading volume of 5,778,320 shares, compared to its average volume of 4,794,280. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The business's fifty day moving average is $102.34 and its two-hundred day moving average is $92.31. The firm has a market cap of $75.86 billion, a P/E ratio of 43.65, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results 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%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group upped their price target on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a report on Friday. Wells Fargo & Company upped their price target on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Stifel Nicolaus upped their price target on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a report on Friday, February 7th. Finally, Raymond James restated a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $105.69.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by corporate 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.