Johnson Financial Group Inc. Sells 3,303 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Johnson Financial Group Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,239 shares of the software maker's stock after selling 3,303 shares during the quarter. Johnson Financial Group Inc.'s holdings in Fortinet were worth $4,665,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FTNT. Norges Bank bought a new position in shares of Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group acquired a new stake in shares of Fortinet in the fourth quarter worth $389,867,000. FMR LLC grew its stake in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after acquiring an additional 2,064,016 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research analyst reports. The Goldman Sachs Group raised their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. UBS Group set a $123.00 price objective on shares of Fortinet in a research note on Tuesday, March 18th. Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Robert W. Baird reaffirmed a "neutral" rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Finally, Susquehanna lifted their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $104.77.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the business's 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 sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 1.5 %

Shares of FTNT stock traded up $1.51 on Thursday, hitting $105.27. The stock had a trading volume of 1,912,384 shares, compared to its average volume of 5,065,810. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market cap of $80.95 billion, a P/E ratio of 46.59, a PEG ratio of 4.19 and a beta of 1.09. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a fifty day moving average price of $98.77 and a two-hundred day moving average price of $96.29.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.