Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Arohi Asset Management PTE Ltd.

Arohi Asset Management PTE Ltd. increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 44.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,852 shares of the software maker's stock after purchasing an additional 30,500 shares during the period. Fortinet accounts for about 2.6% of Arohi Asset Management PTE Ltd.'s investment portfolio, making the stock its 5th biggest holding. Arohi Asset Management PTE Ltd.'s holdings in Fortinet were worth $9,434,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Fortinet in the 3rd quarter valued at approximately $280,000. Franklin Resources Inc. increased its stake in Fortinet by 21.6% during the third quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker's stock valued at $32,408,000 after purchasing an additional 69,374 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Fortinet by 8.7% during the third quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker's stock worth $58,174,000 after purchasing an additional 59,930 shares during the period. Versant Capital Management Inc lifted its position in shares of Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after buying an additional 128 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Fortinet by 45.9% in the 4th quarter. GAMMA Investing LLC now owns 16,836 shares of the software maker's stock valued at $1,591,000 after buying an additional 5,293 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FTNT. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Jefferies Financial Group cut their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. Finally, Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus price target of $107.07.

Fortinet Trading Down 0.1 %

Shares of FTNT stock traded down $0.10 during trading hours on Wednesday, reaching $107.04. 6,632,452 shares of the stock traded hands, compared to its average volume of 4,985,559. The business has a fifty day moving average price of $98.64 and a 200 day moving average price of $97.08. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $81.86 billion, a PE ratio of 47.36, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.02). Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 738,978 shares of company stock valued at $74,135,907 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.