Vanguard Group Inc. Has $6.44 Billion Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Vanguard Group Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,115,470 shares of the software maker's stock after buying an additional 730,994 shares during the quarter. Vanguard Group Inc. owned 8.89% of Fortinet worth $6,435,550,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Pathstone Holdings LLC lifted its stake in Fortinet by 3.9% during the third quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker's stock worth $4,525,000 after purchasing an additional 2,196 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Fortinet by 11.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 19,580 shares of the software maker's stock worth $1,518,000 after buying an additional 1,955 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in Fortinet in the 3rd quarter valued at $647,000. Cerity Partners LLC grew its position in Fortinet by 26.8% in the third quarter. Cerity Partners LLC now owns 274,158 shares of the software maker's stock valued at $21,261,000 after acquiring an additional 57,888 shares during the period. Finally, Algert Global LLC raised its stake in Fortinet by 598.7% during the third quarter. Algert Global LLC now owns 58,243 shares of the software maker's stock worth $4,517,000 after acquiring an additional 49,907 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Robert W. Baird reaffirmed a "neutral" rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. Mizuho raised their price target on Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Finally, UBS Group set a $123.00 price objective on Fortinet in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $105.69.

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Insider Activity

In related news, Director William H. Neukom acquired 328 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the company's stock in a transaction 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 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 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. Corporate insiders own 18.00% of the company's stock.

Fortinet Trading Up 2.3 %

NASDAQ:FTNT traded up $2.30 during trading hours 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. The business's 50 day moving average is $102.65 and its 200-day moving average is $92.89. The company has a market cap of $78.50 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. 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 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Company 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.