Retireful LLC Buys 17,288 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Retireful LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 216.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,279 shares of the software maker's stock after buying an additional 17,288 shares during the quarter. Fortinet accounts for approximately 1.3% of Retireful LLC's investment portfolio, making the stock its 20th largest position. Retireful LLC's holdings in Fortinet were worth $2,388,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. FMR LLC lifted its stake in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock valued at $285,790,000 after buying an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker's stock worth $161,261,000 after buying an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC increased its position in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock worth $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. Finally, State Street Corp lifted its position 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 in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT traded up $0.18 on Friday, reaching $94.23. 4,915,554 shares of the stock traded hands, compared to its average volume of 4,213,868. The firm has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The stock's 50-day moving average price is $95.63 and its 200-day moving average price is $80.10. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FTNT. Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a research note on Friday, December 13th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Friday, November 22nd. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Finally, StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $95.16.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction 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. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

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.