Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 718,095 shares of the software maker's stock after purchasing an additional 29,905 shares during the period. Russell Investments Group Ltd. owned 0.09% of Fortinet worth $67,998,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. increased its stake in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the 4th quarter valued at $56,000. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Susquehanna increased their price objective on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Cantor Fitzgerald increased their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Rosenblatt Securities boosted their target price on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Stephens assumed coverage on Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $105.77.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the business'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 transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company's stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of FTNT stock traded up $0.72 on Friday, reaching $97.04. The company's stock had a trading volume of 1,998,644 shares, compared to its average volume of 5,052,450. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock's fifty day simple moving average is $101.82 and its 200-day simple moving average is $94.46. The company has a market capitalization of $74.62 billion, a price-to-earnings ratio of 42.95, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. Analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet 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.