Mediolanum International Funds Ltd Acquires 23,445 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mediolanum International Funds Ltd raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 253,257 shares of the software maker's stock after buying an additional 23,445 shares during the quarter. Mediolanum International Funds Ltd's holdings in Fortinet were worth $24,033,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc increased its stake in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock valued at $104,000 after buying an additional 128 shares during the period. Diversified Trust Co raised its holdings in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC boosted its stake in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC increased its position in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 1.2 %

Shares of NASDAQ:FTNT traded up $1.22 during midday trading on Tuesday, hitting $102.12. The company had a trading volume of 2,168,579 shares, compared to its average volume of 4,026,101. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $102.87. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $78.27 billion, a price-to-earnings ratio of 51.53, a PEG ratio of 2.65 and a beta of 1.01. The firm has a fifty day simple moving average of $96.57 and a 200 day simple moving average of $83.61.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the company posted $0.35 earnings per share. On average, analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Scotiabank upped their price target on Fortinet from $110.00 to $115.00 and gave the company a "sector outperform" rating in a research report on Tuesday, January 21st. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $97.73.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the business's stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last three months. Insiders own 18.00% of the company's stock.

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.