Invesco Ltd. Purchases 2,000,888 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Invesco Ltd. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 31.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,388,693 shares of the software maker's stock after purchasing an additional 2,000,888 shares during the quarter. Invesco Ltd. owned about 1.09% of Fortinet worth $792,564,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Integrated Wealth Concepts LLC grew its holdings in shares of Fortinet by 10.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker's stock valued at $931,000 after buying an additional 1,088 shares during the period. IHT Wealth Management LLC lifted its holdings in Fortinet by 4.9% during the third quarter. IHT Wealth Management LLC now owns 5,205 shares of the software maker's stock worth $402,000 after acquiring an additional 243 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Fortinet by 73.3% in the third quarter. Quantinno Capital Management LP now owns 47,992 shares of the software maker's stock worth $3,722,000 after acquiring an additional 20,292 shares in the last quarter. Kovitz Investment Group Partners LLC raised its position in shares of Fortinet by 108.6% during the third quarter. Kovitz Investment Group Partners LLC now owns 31,783 shares of the software maker's stock worth $2,465,000 after purchasing an additional 16,550 shares during the period. Finally, EP Wealth Advisors LLC bought a new position in shares of Fortinet during the 3rd quarter valued at about $1,454,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. Scotiabank lifted their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research note on Friday, February 7th. Robert W. Baird reissued a "neutral" rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Cantor Fitzgerald raised their price objective on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $105.77.

Insiders Place Their Bets

In related news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction that occurred 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 sale, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 directly 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 disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last three months. Insiders own 18.00% of the company's stock.

Fortinet Price Performance

NASDAQ:FTNT traded up $1.41 during trading hours on Friday, reaching $97.73. 5,502,704 shares of the company were exchanged, compared to its average volume of 5,074,365. The company has a market capitalization of $75.15 billion, a P/E ratio of 43.24, 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 current ratio of 1.47 and a quick ratio of 1.39. The business has a 50 day moving average of $101.72 and a 200 day moving average of $94.72. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current 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.