Frontier Capital Management Co. LLC Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Frontier Capital Management Co. LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 673,412 shares of the software maker's stock after acquiring an additional 35,470 shares during the quarter. Frontier Capital Management Co. LLC owned 0.09% of Fortinet worth $63,624,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Manchester Capital Management LLC lifted its stake in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC boosted its stake in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in Fortinet by 1.4% in the fourth 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 during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after buying an additional 116 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 206,000 shares of Fortinet 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 sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were 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 owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23 % 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 over the last 90 days. 17.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Wells Fargo & Company cut their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday. Royal Bank of Canada cut their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research report on Thursday. Piper Sandler reiterated an "overweight" rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Citigroup upped their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Finally, Morgan Stanley cut their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $104.80.

Fortinet Trading Down 0.3 %

NASDAQ FTNT traded down $0.32 during trading hours on Friday, reaching $97.42. The company had a trading volume of 5,719,600 shares, compared to its average volume of 4,950,711. 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 stock has a market capitalization of $74.50 billion, a P/E ratio of 43.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The stock has a 50-day moving average of $98.26 and a 200 day moving average of $97.47. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

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 for the quarter, topping 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 net margin of 29.30% and a return on equity of 256.53%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the company posted $0.43 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.