Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Sienna Gestion

Sienna Gestion raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1,089.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,001 shares of the software maker's stock after acquiring an additional 70,526 shares during the quarter. Sienna Gestion's holdings in Fortinet were worth $7,274,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FTNT. State Street Corp grew its position 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 buying an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 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 in the last quarter. Amundi grew its position in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock worth $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 grew its position in shares of Fortinet by 10.3% during the third 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 worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock worth $375,523,000 after buying an additional 156,766 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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Fortinet Stock Performance

Shares of Fortinet stock traded up $0.24 during trading hours on Tuesday, hitting $96.91. 3,481,369 shares of the company were exchanged, compared to its average volume of 4,781,116. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average of $102.15 and a 200-day moving average of $91.93. The stock has a market capitalization 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results 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%. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Citigroup boosted their price objective on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Wells Fargo & Company boosted their price objective on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Baird R W downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. UBS Group set a $123.00 price target on Fortinet in a report on Tuesday. Finally, Cantor Fitzgerald upped their price target on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $105.69.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 326,784 shares of the stock in a transaction 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 completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by corporate insiders.

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.