IQ EQ FUND MANAGEMENT IRELAND Ltd Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

IQ EQ FUND MANAGEMENT IRELAND Ltd decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 37.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,457 shares of the software maker's stock after selling 35,037 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Fortinet were worth $5,429,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% during 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 purchasing an additional 766,135 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.4% during 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 buying an additional 354,692 shares in the last quarter. Amundi boosted its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker's stock worth $631,700,000 after buying an additional 1,766,860 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake 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 buying an additional 542,727 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FTNT. Mizuho increased their target price on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. 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 report on Thursday, December 19th. Raymond James restated a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. Royal Bank of Canada lifted 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. Finally, Robert W. Baird reissued a "neutral" rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. One 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 given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $105.69.

Insider Transactions at Fortinet

In other news, Director William H. Neukom purchased 328 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company's stock.

Fortinet Trading Down 3.0 %

Shares of NASDAQ FTNT traded down $2.94 during trading hours on Friday, reaching $96.60. The stock had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. The business's fifty day moving average price is $102.97 and its two-hundred day moving average price is $93.26. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. Analysts expect 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.