Fiera Capital Corp Buys 131,393 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fiera Capital Corp lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,042,009 shares of the software maker's stock after purchasing an additional 131,393 shares during the quarter. Fiera Capital Corp owned about 0.14% of Fortinet worth $98,449,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. FMR LLC raised its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock valued at $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. State Street Corp raised its holdings in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC increased its stake in Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker's stock valued at $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Fortinet by 27.6% during the third quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker's stock worth $200,172,000 after acquiring an additional 558,807 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT traded up $1.66 during trading on Friday, reaching $111.64. 4,974,960 shares of the company were exchanged, compared to its average volume of 4,073,400. The stock has a market cap of $85.57 billion, a P/E ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The firm has a 50 day moving average of $98.60 and a 200 day moving average of $86.57. 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, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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 463.85% and a net margin of 29.30%. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Activity

In other news, Director William H. Neukom acquired 355 shares of the business's stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a report on Tuesday, November 19th. Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Finally, Stifel Nicolaus boosted their price target on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $103.72.

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.