Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Fisher Asset Management LLC

Fisher Asset Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,062 shares of the software maker’s stock after buying an additional 2,474 shares during the quarter. Fisher Asset Management LLC’s holdings in Fortinet were worth $706,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. LGT Group Foundation boosted its position in shares of Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after acquiring an additional 94,475 shares during the last quarter. First Trust Direct Indexing L.P. grew its stake in shares of Fortinet by 4.7% during the 4th quarter. First Trust Direct Indexing L.P. now owns 13,346 shares of the software maker’s stock valued at $781,000 after buying an additional 603 shares during the period. Buckhead Capital Management LLC raised its position in shares of Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after buying an additional 187 shares during the period. Y.D. More Investments Ltd boosted its holdings in Fortinet by 101.4% in the fourth quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after acquiring an additional 31,198 shares during the last quarter. Finally, Andar Capital Management HK Ltd boosted its holdings in Fortinet by 150.0% in the fourth quarter. Andar Capital Management HK Ltd now owns 110,000 shares of the software maker’s stock valued at $6,438,000 after acquiring an additional 66,000 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTNT. Sanford C. Bernstein initiated coverage on Fortinet in a report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price objective on the stock. Morgan Stanley reduced their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Robert W. Baird dropped their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Mizuho reduced their target price on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, The Goldman Sachs Group boosted their price objective on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $70.37.

Fortinet Stock Performance

FTNT stock opened at $58.11 on Friday. The firm has a market cap of $44.36 billion, a P/E ratio of 37.98, a P/E/G ratio of 2.60 and a beta of 1.08. The stock’s 50 day simple moving average is $66.71 and its 200 day simple moving average is $61.94. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the company earned $0.29 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts predict that Fortinet, Inc. will post 1.4 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 over the last ninety days. Company insiders own 17.54% 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.