Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by iA Global Asset Management Inc.

iA Global Asset Management Inc. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 32.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 114,776 shares of the software maker's stock after purchasing an additional 28,422 shares during the quarter. iA Global Asset Management Inc.'s holdings in Fortinet were worth $10,844,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. OneDigital Investment Advisors LLC grew its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after buying an additional 141 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Fortinet by 2.2% in the 3rd quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker's stock valued at $13,577,000 after purchasing an additional 3,836 shares during the last quarter. Aviance Capital Partners LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $236,000. Pathstone Holdings LLC raised its position in Fortinet by 3.9% during the 3rd quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker's stock worth $4,525,000 after buying an additional 2,196 shares during the last quarter. Finally, BIP Wealth LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth $295,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FTNT shares. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Piper Sandler reissued an "overweight" rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Cantor Fitzgerald lifted their price target on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Wells Fargo & Company boosted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Finally, Susquehanna lifted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. 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 assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and an average target price of $105.69.

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Fortinet Stock Up 1.2 %

Shares of FTNT traded up $1.14 during mid-day trading on Monday, reaching $99.79. 4,046,900 shares of the stock traded hands, compared to its average volume of 4,799,135. The stock has a fifty day simple moving average of $102.46 and a 200 day simple moving average of $92.70. The firm has a market cap of $76.74 billion, a price-to-earnings ratio of 44.16, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were 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 directly owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by insiders.

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.