CANADA LIFE ASSURANCE Co Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

CANADA LIFE ASSURANCE Co boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 784,287 shares of the software maker’s stock after purchasing an additional 74,587 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Fortinet were worth $74,066,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after acquiring an additional 730,994 shares during the last quarter. Geode Capital Management LLC raised its position in Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the period. Invesco Ltd. lifted its stake in shares of Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock valued at $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank purchased a new position in shares of Fortinet during the 4th quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 39.3% during 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. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $96.13 on Friday. 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 52-week low of $54.57 and a 52-week high of $114.82. The stock has a 50 day moving average price of $100.95 and a 200 day moving average price of $95.03. The company has a market capitalization of $73.92 billion, a price-to-earnings ratio of 42.54, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

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

Analysts Set New Price Targets

Several research analysts have weighed in on FTNT shares. Rosenblatt Securities increased their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Stifel Nicolaus increased their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $105.17.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’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 transaction of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 576,944 shares of company stock worth $56,944,064. Corporate insiders own 18.00% of the company’s stock.

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.