Ontario Teachers Pension Plan Board Buys 731 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ontario Teachers Pension Plan Board lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 15,857 shares of the software maker’s stock after acquiring an additional 731 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Fortinet were worth $928,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Nordea Investment Management AB raised its position in Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the period. Morgan Stanley raised its position in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. raised its position in Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after purchasing an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. raised its position in Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after purchasing an additional 153,119 shares during the period. Finally, Norges Bank purchased a new position in Fortinet in the 4th quarter worth $203,501,000. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Barclays decreased their target price on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Scotiabank decreased their target price on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Robert W. Baird decreased their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Evercore ISI decreased their price objective on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Finally, BMO Capital Markets decreased their price objective on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.10.

Fortinet Trading Up 0.7 %

NASDAQ:FTNT opened at $61.35 on Friday. The company’s 50-day simple moving average is $64.61 and its 200 day simple moving average is $62.43. The firm has a market capitalization of $46.87 billion, a P/E ratio of 40.10, a PEG ratio of 3.02 and a beta of 1.08. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,396 shares of company stock worth $4,838,534. 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.