Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Oarsman Capital Inc.

Oarsman Capital Inc. increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 188.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 416 shares of the software maker’s stock after acquiring an additional 272 shares during the quarter. Oarsman Capital Inc.’s holdings in Fortinet were worth $39,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after buying an additional 730,994 shares during the last quarter. Geode Capital Management LLC boosted its stake in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after acquiring an additional 387,901 shares during the last quarter. Norges Bank acquired a new position in Fortinet during the 4th quarter worth $724,048,000. Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Amundi raised its stake in shares of Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group set a $123.00 price target on Fortinet in a research note on Tuesday, March 18th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Rosenblatt Securities raised their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Citigroup boosted their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Piper Sandler restated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $105.77.

Insider Buying and Selling at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Down 5.3 %

FTNT stock opened at $84.71 on Monday. The company has a 50 day moving average of $102.59 and a two-hundred day moving average of $94.00. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market cap of $65.14 billion, a price-to-earnings ratio of 37.48, a PEG ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.