Sei Investments Co. Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sei Investments Co. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 157.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 474,458 shares of the software maker's stock after acquiring an additional 290,089 shares during the quarter. Sei Investments Co. owned about 0.06% of Fortinet worth $44,827,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FTNT. FMR LLC grew its stake in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. Amundi increased its stake in Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock valued at $631,700,000 after acquiring an additional 1,766,860 shares during the last quarter. Los Angeles Capital Management LLC raised its position in Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker's stock valued at $275,877,000 after purchasing an additional 1,682,708 shares in the last quarter. State Street Corp lifted its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Fortinet in the 4th quarter valued at $69,381,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by company insiders.

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Fortinet Stock Up 2.3 %

NASDAQ:FTNT traded up $2.30 on Tuesday, hitting $102.09. The stock had a trading volume of 3,422,575 shares, compared to its average volume of 4,804,244. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm's fifty day simple moving average is $102.46 and its two-hundred day simple moving average is $92.70. The stock has a market cap of $78.50 billion, a P/E ratio of 45.17, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. 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 results on Thursday, February 6th. The software maker reported $0.67 EPS 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 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FTNT. Piper Sandler restated an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Morgan Stanley assumed coverage on shares of Fortinet in a report on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 target price for the company. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Scotiabank raised their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research report on Friday, February 7th. Finally, Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. 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 stock. Based on data from MarketBeat, Fortinet presently has an average rating of "Hold" and a consensus target price of $105.69.

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.