Strategy Asset Managers LLC Has $1.57 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Strategy Asset Managers LLC reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,597 shares of the software maker’s stock after selling 643 shares during the quarter. Strategy Asset Managers LLC’s holdings in Fortinet were worth $1,568,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after buying an additional 730,994 shares during the period. State Street Corp boosted its holdings 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 purchasing an additional 766,135 shares during the period. Geode Capital Management LLC increased its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the period. Norges Bank acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $724,048,000. Finally, Amundi boosted its stake 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 buying an additional 1,766,860 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 3.0 %

Shares of FTNT stock opened at $96.60 on Friday. The company has a market cap of $74.28 billion, a P/E ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a 50 day simple moving average of $102.97 and a two-hundred day simple moving average of $93.14.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of several analyst reports. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Mizuho increased their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Royal Bank of Canada upped their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $105.69.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company’s stock.

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.