Investment Management Corp of Ontario Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Investment Management Corp of Ontario grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,872 shares of the software maker's stock after buying an additional 6,271 shares during the period. Investment Management Corp of Ontario's holdings in Fortinet were worth $2,633,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FTNT. Norges Bank bought a new stake in Fortinet during the 4th quarter valued at approximately $724,048,000. Schroder Investment Management Group bought a new stake in Fortinet during the 4th quarter valued at approximately $389,867,000. FMR LLC raised its stake in Fortinet by 77.2% during the 4th 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 period. Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 39.3% during the 4th 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 period. Finally, Bessemer Group Inc. increased its holdings in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after acquiring an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Down 0.6%

FTNT traded down $0.67 during trading hours on Thursday, reaching $102.56. 4,680,058 shares of the company's stock traded hands, compared to its average volume of 4,957,371. The firm has a 50-day moving average price of $98.27 and a 200 day moving average price of $97.83. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week 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 $78.50 billion, a PE ratio of 45.38, a PEG ratio of 4.19 and a beta of 1.16.

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

Analyst Upgrades and Downgrades

Several research firms have commented on FTNT. Piper Sandler reissued an "overweight" rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Wells Fargo & Company dropped their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Citigroup lifted their price objective on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Cantor Fitzgerald decreased their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, StockNews.com lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $104.80.

Insiders Place Their Bets

In related news, Director William H. Neukom acquired 328 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction on 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 sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 738,978 shares of company stock worth $74,135,907. 17.20% of the stock is currently owned by company insiders.

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.