4,069 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Summit Global Investments

Summit Global Investments bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,069 shares of the software maker's stock, valued at approximately $384,000.

A number of other hedge funds have also added to or reduced their stakes in the business. FMR LLC increased its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Amundi raised its holdings in shares of Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker's stock valued at $631,700,000 after purchasing an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC lifted its stake in Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker's stock valued at $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. State Street Corp grew its holdings in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Fortinet during the fourth quarter worth approximately $69,381,000. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FTNT shares. Scotiabank boosted their target price on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a report on Friday, February 7th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Wells Fargo & Company raised their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. Finally, Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $105.69.

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Fortinet Trading Up 2.3 %

Shares of NASDAQ:FTNT traded up $2.30 during midday trading on Tuesday, hitting $102.09. 3,422,575 shares of the stock were exchanged, compared to its average volume of 4,804,244. The business's 50-day moving average price is $102.46 and its 200 day moving average price is $92.70. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market capitalization of $78.50 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by company insiders.

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.