Pinebridge Investments L.P. Has $45.99 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Pinebridge Investments L.P. lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 486,717 shares of the software maker’s stock after selling 116,940 shares during the quarter. Pinebridge Investments L.P. owned about 0.06% of Fortinet worth $45,985,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the 4th quarter worth $27,000. Oarsman Capital Inc. lifted its stake in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC bought a new position in Fortinet in the fourth quarter valued at about $43,000. Golden State Wealth Management LLC acquired a new stake in Fortinet in the fourth quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the 4th quarter worth about $56,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 576,944 shares of company stock worth $56,944,064. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FTNT. Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Scotiabank lifted their target price on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. UBS Group set a $123.00 price target on Fortinet in a research report 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. Finally, Cantor Fitzgerald raised their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $105.10.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $94.37 on Wednesday. The stock has a market capitalization of $72.57 billion, a PE ratio of 41.76, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a 50 day moving average price of $100.09 and a 200 day moving average price of $95.51. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet Company 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.