Fmr LLC Buys 2,846,475 Shares of Fortinet, Inc. (NASDAQ:FTNT)

FMR LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 77.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,531,705 shares of the software maker's stock after purchasing an additional 2,846,475 shares during the quarter. FMR LLC owned about 0.85% of Fortinet worth $617,115,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Manchester Capital Management LLC lifted its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares during the last quarter. Fielder Capital Group LLC boosted its stake in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its position in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the period. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on FTNT. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company raised their price target on Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. The Goldman Sachs Group increased their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $105.77.

Insider Buying and Selling

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares of the company's stock, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, 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. In the last ninety days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT traded up $0.15 during trading hours on Monday, hitting $97.88. The stock had a trading volume of 970,001 shares, compared to its average volume of 5,058,787. The firm's 50-day moving average price is $101.72 and its two-hundred day moving average price is $94.72. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market capitalization of $75.27 billion, a P/E ratio of 43.31, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.