Royal London Asset Management Ltd. Acquires 399,848 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Royal London Asset Management Ltd. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 104.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 782,516 shares of the software maker's stock after acquiring an additional 399,848 shares during the quarter. Royal London Asset Management Ltd. owned 0.10% of Fortinet worth $73,932,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Golden State Wealth Management LLC bought a new stake in Fortinet in the fourth quarter worth $46,000. LFA Lugano Financial Advisors SA boosted its holdings in Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock valued at $57,000 after acquiring an additional 490 shares during the period. Private Trust Co. NA grew its position in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after acquiring an additional 307 shares during the last quarter. R Squared Ltd bought a new position in Fortinet during the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC increased its stake in Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 328 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last three months. Insiders own 18.00% of the company's stock.

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Fortinet Stock Up 1.2 %

FTNT stock traded up $1.14 during midday trading on Monday, hitting $99.79. The company's stock had a trading volume of 4,046,900 shares, compared to its average volume of 4,799,134. The firm's 50-day moving average is $102.34 and its 200-day moving average is $92.53. 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, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market cap of $76.74 billion, a PE ratio of 44.16, a P/E/G ratio of 4.19 and a beta of 0.97.

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 (EPS) 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%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FTNT shares. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, February 4th. Wells Fargo & Company increased their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. UBS Group set a $123.00 target price on Fortinet in a research note on Tuesday, March 18th. Finally, Susquehanna upped their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $105.69.

Fortinet 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.