Federated Hermes Inc. Buys 242,397 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Federated Hermes Inc. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 20.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,406,740 shares of the software maker’s stock after purchasing an additional 242,397 shares during the quarter. Federated Hermes Inc.’s holdings in Fortinet were worth $132,909,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet during the fourth quarter worth $389,867,000. Arrowstreet Capital Limited Partnership grew its holdings 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 buying an additional 2,151,811 shares during the period. Amundi increased its position 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 buying an additional 1,766,860 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Fortinet by 136.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after buying an additional 1,682,708 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Royal Bank of Canada increased their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Stephens initiated coverage on Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price target on the stock. Finally, UBS Group set a $123.00 price objective on Fortinet in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $105.77.

Fortinet Price Performance

NASDAQ:FTNT opened at $84.71 on Friday. The company has a market cap of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. The firm’s fifty day moving average price is $102.59 and its two-hundred day moving average price is $93.87. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its quarterly 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%. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% 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.