Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Erste Asset Management GmbH

Erste Asset Management GmbH boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2,250.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,200 shares of the software maker's stock after purchasing an additional 27,000 shares during the period. Erste Asset Management GmbH's holdings in Fortinet were worth $2,708,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth about $26,000. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth about $46,000. Private Trust Co. NA raised its stake in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after buying an additional 307 shares during the period. R Squared Ltd bought a new position in shares of Fortinet in the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after buying an additional 163 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction 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 completion of the transaction, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $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 three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms have recently commented on FTNT. Piper Sandler reaffirmed an "overweight" rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. Morgan Stanley assumed coverage on Fortinet in a research note on Tuesday. They set an "overweight" rating and a $123.00 target price on the stock. Stifel Nicolaus lifted their target price on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average price target of $105.69.

Fortinet Trading Up 1.3 %

FTNT traded up $1.26 during trading hours on Wednesday, reaching $98.17. 4,319,614 shares of the company's stock traded hands, compared to its average volume of 4,782,170. The firm has a 50-day moving average price of $102.17 and a 200 day moving average price of $92.08. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $75.49 billion, a PE ratio of 43.44, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.