Assetmark Inc. Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Assetmark Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 692.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 96,913 shares of the software maker’s stock after purchasing an additional 84,681 shares during the quarter. Assetmark Inc.’s holdings in Fortinet were worth $9,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC boosted its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 136.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after purchasing an additional 1,682,708 shares during the period. State Street Corp grew its stake in shares of Fortinet by 2.9% during the 3rd 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. Worldquant Millennium Advisors LLC lifted its stake in shares of Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the period. Finally, AustralianSuper Pty Ltd boosted its holdings in Fortinet by 1,084.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock worth $62,103,000 after buying an additional 601,801 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on FTNT shares. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. increased their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. BMO Capital Markets boosted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Price Performance

Fortinet stock opened at $101.28 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average price of $101.95 and a 200 day moving average price of $90.64. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The stock has a market cap of $77.88 billion, a P/E ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last announced 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%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock worth $8,991,409 over the last quarter. 18.00% of the stock is currently owned by company insiders.

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.