Sarasin & Partners LLP Has $184.35 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sarasin & Partners LLP grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,951,234 shares of the software maker's stock after buying an additional 20,337 shares during the period. Fortinet accounts for 2.0% of Sarasin & Partners LLP's investment portfolio, making the stock its 19th largest position. Sarasin & Partners LLP owned about 0.25% of Fortinet worth $184,353,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of FTNT. Eagle Capital Management LLC increased its position in shares of Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock valued at $1,545,000 after purchasing an additional 544 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Fortinet by 190.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker's stock worth $87,000 after buying an additional 952 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Fortinet by 6.5% in the second quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker's stock valued at $9,973,000 after acquiring an additional 10,145 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Fortinet by 36.0% during the 2nd quarter. Pacer Advisors Inc. now owns 172,510 shares of the software maker's stock valued at $10,397,000 after purchasing an additional 45,678 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of Fortinet by 30.4% during the 2nd quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker's stock worth $329,000 after acquiring an additional 1,274 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 355 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares of the company's stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several analyst reports. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a research note on Thursday, December 19th. TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. Raymond James reissued a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Finally, Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $96.17.

Fortinet Price Performance

NASDAQ FTNT traded up $0.18 during trading hours on Monday, reaching $94.23. 4,915,554 shares of the company's stock were exchanged, compared to its average volume of 3,418,023. The firm has a fifty day moving average of $95.62 and a 200-day moving average of $80.85. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The stock has a market cap of $72.22 billion, a PE ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

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.