Parnassus Investments LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Parnassus Investments LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,355,397 shares of the software maker's stock after selling 95,012 shares during the period. Parnassus Investments LLC owned 0.18% of Fortinet worth $128,058,000 at the end of the most recent quarter.

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

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Fortinet Stock Up 0.2 %

Shares of FTNT stock traded up $0.24 on Tuesday, hitting $96.91. The stock had a trading volume of 3,481,369 shares, compared to its average volume of 4,781,116. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The stock has a market cap of $74.52 billion, a price-to-earnings ratio of 42.88, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business has a 50 day moving average of $102.15 and a 200 day moving average of $91.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. Morgan Stanley assumed coverage on shares of Fortinet in a research report on Tuesday. They issued an "overweight" rating and a $123.00 price target for the company. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, TD Cowen increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $105.69.

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.