Bridgewater Associates LP Has $88.22 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Bridgewater Associates LP boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 364.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 933,694 shares of the software maker's stock after buying an additional 732,872 shares during the quarter. Bridgewater Associates LP owned approximately 0.12% of Fortinet worth $88,215,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Aware Super Pty Ltd as trustee of Aware Super bought a new position in shares of Fortinet in the 4th quarter worth $44,329,000. Canada Post Corp Registered Pension Plan bought a new position in Fortinet in the fourth quarter worth about $977,000. LaSalle St. Investment Advisors LLC lifted its position in shares of Fortinet by 11.9% during the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,935 shares of the software maker's stock valued at $277,000 after buying an additional 312 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Fortinet by 150.3% in the 4th quarter. XTX Topco Ltd now owns 16,219 shares of the software maker's stock valued at $1,532,000 after buying an additional 9,738 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its position in shares of Fortinet by 18.4% in the 4th quarter. CreativeOne Wealth LLC now owns 14,548 shares of the software maker's stock worth $1,374,000 after buying an additional 2,260 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 576,944 shares of company stock valued at $56,944,064 over the last three months. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 0.1 %

FTNT stock traded up $0.06 during mid-day trading on Friday, hitting $96.13. 2,979,093 shares of the company were exchanged, compared to its average volume of 5,085,692. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $73.92 billion, a P/E ratio of 42.54, a PEG ratio of 4.19 and a beta of 1.09. The business has a fifty day simple moving average of $100.70 and a 200-day simple moving average of $95.28. 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 (NASDAQ:FTNT - Get Free Report) last announced 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 return on equity of 256.53% and a net margin of 29.30%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. StockNews.com cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. Susquehanna increased their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Citigroup boosted their target price on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Morgan Stanley decreased their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Stephens assumed coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $105.17.

About Fortinet

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.