Fiera Capital Corp Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fiera Capital Corp lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,042,009 shares of the software maker’s stock after acquiring an additional 131,393 shares during the quarter. Fiera Capital Corp’s holdings in Fortinet were worth $98,449,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp raised its stake in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Finally, FMR LLC boosted its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.6 %

Shares of FTNT opened at $107.70 on Thursday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $110.99. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $82.55 billion, a price-to-earnings ratio of 47.66, a PEG ratio of 2.75 and a beta of 1.01. The stock’s 50-day moving average price is $98.12 and its 200-day moving average price is $85.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Susquehanna boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Cantor Fitzgerald raised their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. UBS Group lifted their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Mizuho increased their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $102.77.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

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.