Alpha DNA Investment Management LLC Has $1.22 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Alpha DNA Investment Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 12,904 shares of the software maker’s stock after purchasing an additional 1,253 shares during the period. Alpha DNA Investment Management LLC’s holdings in Fortinet were worth $1,219,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Fortinet during the fourth quarter worth about $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet during the 4th quarter worth approximately $389,867,000. FMR LLC increased its holdings in shares of Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Robert W. Baird reiterated 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. Finally, Piper Sandler restated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have 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 $105.17.

Insider Activity

In related news, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 0.1 %

Shares of Fortinet stock opened at $96.13 on Friday. The firm’s 50 day moving average is $100.95 and its 200 day moving average is $95.03. The firm has a market capitalization of $73.92 billion, a PE ratio of 42.54, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.