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

Nuveen Asset Management LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,578,820 shares of the software maker's stock after acquiring 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Trilogy Capital Inc. raised its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its stake in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Milestone Asset Management LLC bought a new position in shares of Fortinet in the fourth quarter worth $1,690,000. Proficio Capital Partners LLC grew its stake in shares of Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after purchasing an additional 544,357 shares in the last quarter. Finally, Jackson Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth $4,731,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Royal Bank of Canada decreased their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. UBS Group decreased their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald decreased their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. One 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $104.80.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 738,978 shares of company stock worth $74,135,907. Corporate insiders own 17.20% of the company's stock.

Fortinet Trading Up 0.2%

NASDAQ:FTNT traded up $0.16 on Monday, reaching $104.75. The company's stock had a trading volume of 3,562,008 shares, compared to its average volume of 4,966,314. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm has a market cap of $80.18 billion, a PE ratio of 46.35, a PEG ratio of 4.19 and a beta of 1.16. The business's 50-day moving average price is $98.53 and its two-hundred day moving average price is $98.43.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results 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. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company's revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 earnings per share. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.