Fortinet, Inc. (NASDAQ:FTNT) Stock Position Raised by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 237,404 shares of the software maker's stock after acquiring an additional 41,609 shares during the period. Handelsbanken Fonder AB's holdings in Fortinet were worth $22,430,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Manchester Capital Management LLC raised its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after acquiring an additional 114 shares in the last quarter. Versant Capital Management Inc increased its position in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after buying an additional 128 shares during the period. Finally, Diversified Trust Co increased its position in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after buying an additional 135 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTNT. KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research report on Tuesday, November 19th. BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research report on Tuesday, November 19th. Citigroup increased their target price on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Finally, Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $103.72.

Fortinet Trading 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 quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market cap of $84.33 billion, a price-to-earnings ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01. The company has a fifty day simple moving average of $100.12 and a two-hundred day simple moving average of $88.31.

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

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase 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, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,110 shares of company stock valued at $8,751,689. Corporate insiders own 18.00% of the company's stock.

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.