Generali Asset Management SPA SGR Buys Shares of 13,027 Fortinet, Inc. (NASDAQ:FTNT)

Generali Asset Management SPA SGR purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 13,027 shares of the software maker's stock, valued at approximately $1,231,000.

Other large investors also recently made changes to their positions in the company. FMR LLC increased its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Amundi boosted its position in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock valued at $631,700,000 after acquiring an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker's stock worth $275,877,000 after acquiring an additional 1,682,708 shares during the last quarter. State Street Corp increased its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Fortinet during the 4th quarter valued at $69,381,000. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $2.30 during trading hours on Tuesday, reaching $102.09. The stock had a trading volume of 3,422,475 shares, compared to its average volume of 4,798,211. The stock has a market capitalization of $78.50 billion, a PE ratio of 45.17, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The stock has a 50-day simple moving average of $102.46 and a 200 day simple moving average of $92.70. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FTNT shares. JPMorgan Chase & Co. increased their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Baird R W cut Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Susquehanna lifted their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. Wells Fargo & Company increased their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Finally, Stifel Nicolaus upped their target price on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $105.69.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company's stock.

About Fortinet

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.