DnB Asset Management AS increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 403.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 112,060 shares of the software maker’s stock after purchasing an additional 89,820 shares during the quarter. DnB Asset Management AS’s holdings in Fortinet were worth $6,340,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in FTNT. BlackRock Inc. boosted its stake in shares of Fortinet by 4.1% in the 4th quarter. BlackRock Inc. now owns 11,668,040 shares of the software maker’s stock worth $4,193,491,000 after buying an additional 460,972 shares during the last quarter. State Street Corp boosted its position in Fortinet by 4.3% in the fourth quarter. State Street Corp now owns 5,520,747 shares of the software maker’s stock worth $1,984,156,000 after purchasing an additional 226,498 shares during the last quarter. Invesco Ltd. grew its stake in Fortinet by 1.3% in the 4th quarter. Invesco Ltd. now owns 1,577,369 shares of the software maker’s stock valued at $566,906,000 after purchasing an additional 20,284 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Fortinet by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,176,765 shares of the software maker’s stock valued at $402,149,000 after purchasing an additional 21,678 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Fortinet during the 4th quarter worth $367,905,000. 65.72% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on the stock. Citigroup reduced their price target on shares of Fortinet from $81.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, July 22nd. Oppenheimer lowered their price target on shares of Fortinet to $80.00 and set an “outperform” rating on the stock in a report on Tuesday, June 28th. Barclays reduced their price objective on Fortinet from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, August 4th. Evercore ISI decreased their target price on Fortinet to $75.00 in a research report on Tuesday, August 9th. Finally, StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, September 13th. Six investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.84.
Insider Buying and Selling at Fortinet
Fortinet Price Performance
Fortinet stock opened at $50.42 on Monday. The stock has a market cap of $39.76 billion, a price-to-earnings ratio of 62.25, a PEG ratio of 3.58 and a beta of 1.20. The company has a quick ratio of 1.05, a current ratio of 1.12 and a debt-to-equity ratio of 4.24. The business has a 50-day simple moving average of $54.43 and a 200 day simple moving average of $59.68. Fortinet, Inc. has a 52 week low of $47.37 and a 52 week high of $74.35.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.
- Get a free copy of the StockNews.com research report on Fortinet (FTNT)
- Kroger’s is Your One-Stop Consumer Staples Stock
- Adobe Perfects the Art of the Faceplant for Investors
- Tax Credits are the Incentives in the Inflation Reduction Act
- 3 Banks Worth Considering For Q4
- Stock Market: 3 Islands Of Strength In A Sea Of Red
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.