Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 104.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 782,516 shares of the software maker’s stock after buying an additional 399,848 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Fortinet were worth $73,932,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. OneDigital Investment Advisors LLC increased its position in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the last quarter. Natixis Advisors LLC boosted its stake in Fortinet by 2.2% during the third quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after buying an additional 3,836 shares during the period. Aviance Capital Partners LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $236,000. Pathstone Holdings LLC lifted its holdings in shares of Fortinet by 3.9% in the 3rd quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker’s stock worth $4,525,000 after acquiring an additional 2,196 shares during the last quarter. Finally, BIP Wealth LLC purchased a new position in shares of Fortinet during the 3rd quarter worth approximately $295,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Robert W. Baird reissued a “neutral” rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.69.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.3 %

FTNT opened at $98.17 on Thursday. The firm has a market cap of $75.49 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business’s 50 day moving average is $102.21 and its two-hundred day moving average is $92.12. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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%. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.