Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 71.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,712 shares of the software maker’s stock after purchasing an additional 712 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Fortinet were worth $100,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTNT. Moneta Group Investment Advisors LLC lifted its position in shares of Fortinet by 125,937.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after buying an additional 14,586,086 shares in the last quarter. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter worth $312,964,000. Nordea Investment Management AB increased its stake in shares of 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 acquiring an additional 5,765,174 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares during the last quarter. Finally, DSM Capital Partners LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth $75,698,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Scotiabank raised their price objective on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, February 7th. Jefferies Financial Group cut their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday. The Goldman Sachs Group raised their target price on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Finally, Stifel Nicolaus raised their target price on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet Trading Down 1.0 %

Shares of NASDAQ FTNT opened at $64.03 on Friday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a market cap of $48.86 billion, a price-to-earnings ratio of 44.16, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. The stock’s 50 day simple moving average is $68.64 and its 200 day simple moving average is $61.52.

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

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 over the last quarter. Company insiders own 17.54% of the company’s stock.

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.