ICICI Prudential Asset Management Co Ltd Has $943,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

ICICI Prudential Asset Management Co Ltd decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 61.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 9,981 shares of the software maker's stock after selling 16,003 shares during the period. ICICI Prudential Asset Management Co Ltd's holdings in Fortinet were worth $943,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eastern Bank acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after buying an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $46,000. Finally, R Squared Ltd acquired a new stake in shares of Fortinet during the 4th quarter valued at $65,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FTNT. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. TD Cowen lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $103.72.

Insider Activity

In other news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,110 shares of company stock worth $8,751,689. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of Fortinet stock traded down $4.19 during trading on Friday, hitting $110.02. 5,170,462 shares of the company's stock traded hands, compared to its average volume of 4,673,895. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm's fifty day moving average price is $100.12 and its 200 day moving average price is $88.31. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $84.33 billion, a PE ratio of 48.68, a PEG ratio of 4.20 and a beta of 1.01.

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

Fortinet Company 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.