Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 761,386 shares of the software maker's stock after buying an additional 11,243 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Fortinet worth $71,936,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Manchester Capital Management LLC increased its holdings in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after acquiring an additional 107 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Versant Capital Management Inc raised its holdings in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after purchasing an additional 128 shares during the period. Finally, Diversified Trust Co raised its stake in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after buying an additional 135 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the company'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 directly owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,110 shares of company stock valued at $8,751,689 over the last quarter. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FTNT. The Goldman Sachs Group raised their price target 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research report on Tuesday, November 19th. KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Finally, HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and lifted their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have issued 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.com, Fortinet presently has an average rating of "Hold" and a consensus target price of $103.72.

Fortinet Price Performance

Shares of FTNT traded down $3.57 during trading hours on Friday, reaching $110.64. The company had a trading volume of 2,850,800 shares, compared to its average volume of 4,598,932. The company has a market capitalization of $84.80 billion, a price-to-earnings ratio of 48.85, a PEG ratio of 4.20 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a 50 day simple moving average of $99.88 and a 200-day simple moving average of $87.93. 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Research 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.