4,435 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Interchange Capital Partners LLC

Interchange Capital Partners LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,435 shares of the software maker's stock, valued at approximately $460,000.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after buying an additional 730,994 shares during the last quarter. State Street Corp grew its holdings in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC grew its holdings in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock worth $1,151,097,000 after acquiring an additional 354,692 shares during the period. Amundi raised its position in 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 acquiring an additional 1,766,860 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 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 worth $448,854,000 after purchasing an additional 542,727 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

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Analyst Upgrades and Downgrades

Several research firms recently issued reports on FTNT. Morgan Stanley started coverage on shares of Fortinet in a research note on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 target price for the company. Scotiabank upped their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research report on Friday, February 7th. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Baird R W downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $105.69.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction that occurred on 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 sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 in the last 90 days. Company insiders own 18.00% of the company's stock.

Fortinet Trading Up 2.3 %

FTNT stock traded up $2.30 during midday trading on Tuesday, hitting $102.09. 3,422,575 shares of the company's stock were exchanged, compared to its average volume of 4,804,244. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $78.50 billion, a PE ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50-day simple moving average of $102.65 and a two-hundred day simple moving average of $92.89.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.