Quantbot Technologies LP Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Quantbot Technologies LP raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 162,727 shares of the software maker's stock after purchasing an additional 14,202 shares during the quarter. Fortinet accounts for approximately 0.6% of Quantbot Technologies LP's investment portfolio, making the stock its 13th biggest position. Quantbot Technologies LP's holdings in Fortinet were worth $15,374,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of FTNT. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $46,000. LFA Lugano Financial Advisors SA boosted its holdings in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock valued at $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after acquiring an additional 307 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Fortinet during the 4th quarter valued at $65,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 0.2 %

FTNT stock traded up $0.24 during mid-day trading on Tuesday, reaching $96.91. 3,481,369 shares of the company traded hands, compared to its average volume of 4,781,117. The stock has a market cap of $74.52 billion, a price-to-earnings ratio of 42.88, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm's 50 day moving average price is $102.15 and its 200 day moving average price is $91.93.

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Fortinet (NASDAQ:FTNT - Get Free Report) last announced its 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%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FTNT. Royal Bank of Canada raised their price objective on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a report on Friday, February 7th. Cantor Fitzgerald raised their target price on Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. JPMorgan Chase & Co. raised their target price on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Finally, Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $105.69.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of Fortinet 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 sale, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last 90 days. Insiders own 18.00% of the company's stock.

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.