State of Wyoming Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

State of Wyoming increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 203.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,883 shares of the software maker's stock after buying an additional 5,956 shares during the quarter. State of Wyoming's holdings in Fortinet were worth $839,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FTNT. Norges Bank purchased a new stake in Fortinet in the fourth quarter valued at $724,048,000. Schroder Investment Management Group purchased a new stake in Fortinet in the fourth quarter valued at $389,867,000. FMR LLC boosted its holdings in Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT stock traded down $1.95 during mid-day trading on Wednesday, reaching $102.84. The company's stock had a trading volume of 4,419,460 shares, compared to its average volume of 4,967,963. The stock has a market cap of $78.72 billion, a PE ratio of 45.50, a P/E/G ratio of 4.19 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company's 50 day moving average is $98.89 and its two-hundred day moving average is $98.65.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating 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 company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 EPS. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the subject of a number of analyst reports. Wells Fargo & Company decreased their price objective on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. KeyCorp decreased their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. Finally, UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average target price of $104.80.

Insider Activity

In other news, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $99.32, for a total value of $99,320.00. Following the completion of the sale, the director now owns 20,612 shares of the company's stock, valued at $2,047,183.84. This represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 328 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 715,478 shares of company stock valued at $71,467,247 in the last 90 days. Company insiders own 17.20% 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.