American Century Companies Inc. Boosts Position in Fortinet, Inc. (NASDAQ:FTNT)

American Century Companies Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 701,206 shares of the software maker's stock after purchasing an additional 102,434 shares during the quarter. American Century Companies Inc. owned about 0.09% of Fortinet worth $66,250,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $46,000. Runnymede Capital Advisors Inc. purchased a new stake in Fortinet during the fourth quarter valued at approximately $56,000. LFA Lugano Financial Advisors SA lifted its stake in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock valued at $57,000 after purchasing an additional 490 shares during the last quarter. Private Trust Co. NA raised its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after buying an additional 307 shares during the period. Finally, R Squared Ltd bought a new stake in Fortinet in the fourth quarter worth $65,000. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Piper Sandler restated an "overweight" rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Stifel Nicolaus lifted their price objective on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a report on Friday, February 7th. Finally, StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued 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 a consensus rating of "Hold" and an average target price of $105.69.

Remove Ads

Insider Buying and Selling

In other news, Director Kenneth A. Goldman sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 in the last 90 days. Insiders own 18.00% of the company's stock.

Fortinet Price Performance

FTNT traded down $2.94 during trading on Friday, hitting $96.60. The company's stock had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. The firm has a market capitalization of $74.28 billion, a price-to-earnings ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business's fifty day simple moving average is $102.97 and its 200 day simple moving average is $93.26. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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 (EPS) for the quarter, beating 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%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS 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.