Nuveen Asset Management LLC Has $149.17 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Nuveen Asset Management LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,578,820 shares of the software maker's stock after purchasing an additional 31,540 shares during the period. Nuveen Asset Management LLC owned approximately 0.21% of Fortinet worth $149,167,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Manchester Capital Management LLC increased its holdings in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Fielder Capital Group LLC raised its position in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after purchasing an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FTNT shares. Rosenblatt Securities lifted their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Stephens started coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Jefferies Financial Group cut their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Scotiabank lowered their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. Finally, Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Stock Performance

Fortinet stock traded down $0.18 on Wednesday, hitting $104.61. The company's stock had a trading volume of 1,229,207 shares, compared to its average volume of 4,956,467. The company has a fifty day moving average price of $98.89 and a 200-day moving average price of $98.65. The firm has a market cap of $80.07 billion, a P/E ratio of 46.21, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a one year low of $54.57 and a one 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $0.43 earnings per share. The company's quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction on 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 completion of the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $517,076.48. The trade was a 78.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 715,478 shares of company stock worth $71,467,247 over the last three months. 17.20% 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.