Coldstream Capital Management Inc. Buys 292 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Coldstream Capital Management Inc. grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,910 shares of the software maker’s stock after purchasing an additional 292 shares during the period. Coldstream Capital Management Inc.’s holdings in Fortinet were worth $1,125,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Norges Bank acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group acquired a new stake in Fortinet in the fourth quarter valued at $389,867,000. FMR LLC grew its position in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership grew 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 valued at $720,150,000 after acquiring an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 0.8 %

Shares of FTNT opened at $102.64 on Tuesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market cap of $78.93 billion, a P/E ratio of 45.42, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a 50 day simple moving average of $99.09 and a two-hundred day simple moving average of $96.18.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. The trade was a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock worth $56,944,064 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. UBS Group set a $123.00 target price on shares of Fortinet in a research note on Tuesday, March 18th. Stifel Nicolaus lifted their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Royal Bank of Canada lifted their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Cantor Fitzgerald reduced their price target on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Finally, Stephens assumed coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target for the company. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.77.

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.