Envestnet Asset Management Inc. Has $61.10 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Envestnet Asset Management Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 646,736 shares of the software maker's stock after buying an additional 57,422 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Fortinet worth $61,104,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the 4th quarter worth $27,000. Oarsman Capital Inc. increased its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC acquired a new position in Fortinet during the 4th quarter valued at about $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. bought a new position in Fortinet in the fourth quarter valued at approximately $56,000. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $1.41 during trading hours on Friday, reaching $97.73. The stock had a trading volume of 5,502,704 shares, compared to its average volume of 5,074,573. The stock has a market capitalization of $75.15 billion, a PE ratio of 43.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The stock has a 50-day simple moving average of $101.72 and a 200 day simple moving average of $94.60. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week 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.

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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 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%. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. 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. Stifel Nicolaus upped their price target on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald upped their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, twenty 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.com, the stock currently has a consensus rating of "Hold" and an average target price of $105.77.

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.