Sequoia Financial Advisors LLC Buys 3,659 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sequoia Financial Advisors LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,714 shares of the software maker's stock after acquiring an additional 3,659 shares during the period. Sequoia Financial Advisors LLC's holdings in Fortinet were worth $1,485,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp increased its stake in shares of 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 acquiring an additional 766,135 shares during the period. Geode Capital Management LLC grew its position in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock worth $1,151,097,000 after buying an additional 354,692 shares during the period. Amundi increased its holdings 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 buying an additional 1,766,860 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock valued at $448,854,000 after acquiring an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock valued at $375,523,000 after purchasing an additional 156,766 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $1.26 during trading on Wednesday, reaching $98.17. 4,315,299 shares of the stock were exchanged, compared to its average volume of 4,782,169. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a market cap of $75.49 billion, a PE ratio of 43.44, a PEG ratio of 4.19 and a beta of 0.97. The stock has a 50-day moving average price of $102.17 and a 200-day moving average price of $92.08. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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%. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction that occurred 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 transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Raymond James reissued a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group boosted their price target on Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target 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.