Quantinno Capital Management LP Has $5.80 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Quantinno Capital Management LP raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,359 shares of the software maker's stock after buying an additional 13,367 shares during the quarter. Quantinno Capital Management LP's holdings in Fortinet were worth $5,797,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet in the 4th quarter valued at $27,000. Oarsman Capital Inc. grew its stake in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC acquired a new position in Fortinet in the fourth quarter valued at about $43,000. Banque Transatlantique SA acquired a new stake in shares of Fortinet during the fourth quarter worth about $43,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Fortinet during the 4th quarter valued at about $46,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTNT. Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Piper Sandler restated an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Stifel Nicolaus lowered their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday. Finally, Cantor Fitzgerald decreased their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $104.80.

Fortinet Stock Performance

FTNT stock traded down $1.95 during trading hours on Wednesday, hitting $102.84. 4,419,460 shares of the stock were exchanged, compared to its average volume of 4,968,599. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $78.72 billion, a P/E ratio of 45.50, a P/E/G ratio of 4.19 and a beta of 1.16. The company has a 50-day simple moving average of $98.89 and a two-hundred day simple moving average of $98.65.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $517,076.48. This trade represents a 78.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 715,478 shares of company stock valued at $71,467,247. 17.20% of the stock is currently owned by company insiders.

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.