Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,270,913 shares of the software maker's stock after purchasing an additional 387,901 shares during the period. Geode Capital Management LLC owned about 1.99% of Fortinet worth $1,440,648,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FTNT. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI boosted its holdings in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Trilogy Capital Inc. grew its stake in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its stake in Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Fortinet during the 3rd quarter worth $10,343,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 328 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company's stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % 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 owned by insiders.

Fortinet Stock Performance

Shares of Fortinet stock traded down $4.73 on Friday, reaching $84.71. 11,172,260 shares of the stock were exchanged, compared to its average volume of 4,985,653. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business has a 50 day moving average price of $102.59 and a two-hundred day moving average price of $93.87. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $65.14 billion, a price-to-earnings ratio of 37.48, a PEG ratio of 4.19 and a beta of 1.09.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Morgan Stanley began coverage on Fortinet in a report on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 target price for the company. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Robert W. Baird reissued a "neutral" rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Wells Fargo & Company upped their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $105.77.

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.