Twin Capital Management Inc. Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Twin Capital Management Inc. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,370 shares of the software maker’s stock after buying an additional 1,424 shares during the quarter. Twin Capital Management Inc.’s holdings in Fortinet were worth $4,570,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. boosted its stake in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in Fortinet in the 4th quarter valued at about $43,000. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in Fortinet in the 4th quarter worth approximately $56,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $84.71 on Monday. 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 stock has a market cap of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company’s 50-day moving average price is $102.59 and its two-hundred day moving average price is $94.00.

Fortinet (NASDAQ:FTNT) last released its 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 net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FTNT shares. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Mizuho increased their price target 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. Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $105.77.

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.