Harvest Fund Management Co. Ltd Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Harvest Fund Management Co. Ltd increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 53.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,290 shares of the software maker's stock after purchasing an additional 24,937 shares during the period. Harvest Fund Management Co. Ltd's holdings in Fortinet were worth $6,653,000 at the end of the most recent reporting period.

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

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Wall Street Analyst Weigh In

A number of research analysts have issued reports on FTNT shares. Royal Bank of Canada lifted their price objective on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a research note on Friday, February 7th. Robert W. Baird reaffirmed a "neutral" rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Baird R W cut shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Finally, StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $105.69.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.20 during midday trading on Friday, hitting $98.65. The company had a trading volume of 5,778,320 shares, compared to its average volume of 4,802,157. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a fifty day moving average of $102.34 and a two-hundred day moving average of $92.42. The company has a market cap of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data 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%. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % 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. Company 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.