Fortinet, Inc. (NASDAQ:FTNT) Stock Position Reduced by Intech Investment Management LLC

Intech Investment Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 292,166 shares of the software maker's stock after selling 78,607 shares during the period. Intech Investment Management LLC's holdings in Fortinet were worth $27,604,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State Street Corp raised its stake 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 valued at $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. Amundi raised its stake in shares of Fortinet by 36.7% in the 4th 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock valued at $448,854,000 after acquiring an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock valued at $375,523,000 after acquiring an additional 156,766 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

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Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 328 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares of the company's stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last ninety days. Corporate insiders own 18.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on FTNT shares. Wells Fargo & Company raised their target price 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. Susquehanna raised their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, Royal Bank of Canada raised their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $105.69.

Fortinet Price Performance

Shares of FTNT stock traded up $0.20 during midday trading on Friday, reaching $98.65. 5,778,320 shares of the company were exchanged, compared to its average volume of 4,794,280. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market cap of $75.86 billion, a P/E ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. The company's 50 day moving average price is $102.34 and its two-hundred day moving average price is $92.31. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts expect 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.