DSM Capital Partners LLC Boosts Position in Fortinet, Inc. (NASDAQ:FTNT)

DSM Capital Partners LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,431,164 shares of the software maker's stock after purchasing an additional 523,425 shares during the period. Fortinet accounts for 3.5% of DSM Capital Partners LLC's investment portfolio, making the stock its 8th largest holding. DSM Capital Partners LLC owned 0.32% of Fortinet worth $229,696,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after buying an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in Fortinet during the 4th quarter worth $46,000. Finally, R Squared Ltd purchased a new position in Fortinet during the 4th quarter worth $65,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on FTNT. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a report on Monday, December 16th. HSBC upgraded shares of Fortinet from a "hold" rating to a "buy" rating and increased their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Wedbush increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group increased their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $103.72.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 87,110 shares of company stock valued at $8,751,689 over the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Stock Down 3.7 %

Shares of NASDAQ:FTNT traded down $4.19 during midday trading on Friday, reaching $110.02. The company had a trading volume of 5,170,462 shares, compared to its average volume of 4,673,895. 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 stock's fifty day moving average price is $100.12 and its 200-day moving average price is $88.31. The stock has a market capitalization of $84.33 billion, a P/E ratio of 48.68, a PEG ratio of 4.20 and a beta of 1.01. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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 net margin of 29.30% and a return on equity of 256.53%. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share 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.