Fortinet, Inc. (NASDAQ:FTNT) Position Boosted by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,501 shares of the software maker's stock after buying an additional 16,139 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Fortinet were worth $11,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after buying an additional 730,994 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after buying an additional 387,901 shares during the last quarter. Invesco Ltd. lifted its holdings in Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank acquired a new stake in Fortinet in the 4th quarter worth approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Fortinet by 39.3% in 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FTNT shares. Scotiabank reduced their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. KeyCorp reduced their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Rosenblatt Securities boosted their target price on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Jefferies Financial Group reduced their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $104.80.

Fortinet Stock Up 0.8%

Shares of NASDAQ FTNT opened at $103.62 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business has a fifty day moving average of $99.16 and a two-hundred day moving average of $98.85. The stock has a market cap of $79.31 billion, a PE ratio of 45.85, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company earned $0.43 EPS. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith Jensen sold 17,660 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 715,478 shares of company stock worth $71,467,247. Corporate insiders own 17.20% 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.

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