Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Townsquare Capital LLC

Townsquare Capital LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 384.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,701 shares of the software maker's stock after purchasing an additional 42,619 shares during the quarter. Townsquare Capital LLC's holdings in Fortinet were worth $5,074,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Norges Bank acquired a new stake in Fortinet during the 4th quarter worth approximately $724,048,000. Schroder Investment Management Group acquired a new stake in shares of Fortinet during the fourth quarter worth $389,867,000. FMR LLC grew its position in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. lifted its stake in shares of Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after acquiring an additional 2,064,016 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Kenneth A. Goldman sold 2,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 576,944 shares of company stock valued at $56,944,064 over the last quarter. Company insiders own 18.00% of the company's stock.

Fortinet Trading Up 0.1 %

Fortinet stock traded up $0.06 during trading on Friday, hitting $96.13. The company's stock had a trading volume of 2,979,093 shares, compared to its average volume of 5,084,694. The stock's fifty day moving average is $100.70 and its 200 day moving average is $95.16. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock has a market capitalization of $73.92 billion, a price-to-earnings ratio of 42.54, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FTNT shares. Stifel Nicolaus lifted their price objective on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a report on Friday, February 7th. The Goldman Sachs Group increased their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Tuesday, April 1st. Finally, Scotiabank lifted their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus target price of $105.17.

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.