Twin Capital Management Inc. Buys 8,494 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Twin Capital Management Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 51,218 shares of the software maker’s stock after acquiring an additional 8,494 shares during the period. Twin Capital Management Inc.’s holdings in Fortinet were worth $2,998,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Federated Hermes Inc. boosted its position in shares of Fortinet by 149.0% during the 4th quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker’s stock valued at $3,502,000 after acquiring an additional 35,803 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Fortinet by 71.2% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,712 shares of the software maker’s stock valued at $100,000 after acquiring an additional 712 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Fortinet by 28.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 163,676 shares of the software maker’s stock valued at $9,580,000 after acquiring an additional 36,024 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Fortinet during the 4th quarter valued at about $43,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Fortinet by 36.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,213,826 shares of the software maker’s stock valued at $71,045,000 after acquiring an additional 323,328 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FTNT shares. Susquehanna restated a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Piper Sandler reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Truist Financial boosted their target price on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Finally, Scotiabank boosted their price target on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $72.19.

Fortinet Stock Down 0.1 %

Shares of Fortinet stock traded down $0.05 on Thursday, hitting $64.61. The company had a trading volume of 1,142,107 shares, compared to its average volume of 5,897,144. The firm has a market capitalization of $49.30 billion, a P/E ratio of 44.31, a P/E/G ratio of 2.86 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a 50-day moving average of $68.72 and a 200-day moving average of $61.50.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 earnings per share. Research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by insiders.

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.