Cullen Frost Bankers Inc. Purchases 219 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cullen Frost Bankers Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,454 shares of the software maker’s stock after purchasing an additional 219 shares during the period. Cullen Frost Bankers Inc.’s holdings in Fortinet were worth $1,460,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after acquiring an additional 1,682,708 shares during the last quarter. State Street Corp boosted 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 buying an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its holdings in Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after buying an additional 724,887 shares during the last quarter. 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 during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Friday. Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. UBS Group raised their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Cantor Fitzgerald lifted their target price on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Down 0.4 %

Shares of NASDAQ:FTNT opened at $101.28 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market capitalization of $77.88 billion, a P/E ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97. The stock has a 50 day moving average price of $101.95 and a 200-day moving average price of $90.64. 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) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were 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 represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,120 shares of company stock worth $8,991,409. Insiders own 18.00% of the company’s stock.

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.