Fortinet, Inc. (NASDAQ:FTNT) Holdings Trimmed by Wilkins Investment Counsel Inc.

Wilkins Investment Counsel Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 178,568 shares of the software maker's stock after selling 3,273 shares during the period. Fortinet accounts for about 2.4% of Wilkins Investment Counsel Inc.'s holdings, making the stock its 11th biggest position. Wilkins Investment Counsel Inc.'s holdings in Fortinet were worth $16,871,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp increased its position in 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 during the period. Geode Capital Management LLC grew its stake in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Amundi increased its holdings in shares of Fortinet by 36.7% in the fourth 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock worth $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock worth $375,523,000 after purchasing an additional 156,766 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

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Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 326,784 shares of Fortinet 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. The trade was a 0.40 % 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 in the last quarter. Company insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of analyst reports. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities increased their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Piper Sandler reissued an "overweight" rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Royal Bank of Canada upped their price objective on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a report on Friday, February 7th. Finally, KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $105.69.

Fortinet Stock Performance

Shares of FTNT stock traded up $1.14 on Monday, hitting $99.79. 4,046,900 shares of the stock traded hands, compared to its average volume of 4,799,135. The company has a market capitalization of $76.74 billion, a PE ratio of 44.16, a PEG ratio of 4.19 and a beta of 0.97. The company's fifty day moving average is $102.46 and its 200 day moving average is $92.70. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.