Fuller & Thaler Asset Management Inc. Has $8.68 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Fuller & Thaler Asset Management Inc. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,830 shares of the software maker's stock after acquiring an additional 6,645 shares during the quarter. Fuller & Thaler Asset Management Inc.'s holdings in Fortinet were worth $8,676,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. raised its stake in shares of Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after purchasing an additional 2,000,888 shares in the last quarter. Norges Bank bought a new stake in shares of Fortinet during the fourth quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Fortinet by 39.3% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Raymond James restated a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Stephens started coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Morgan Stanley dropped their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Cantor Fitzgerald dropped their price target on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $104.77.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 328 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of Fortinet 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 sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $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. Insiders have sold 576,944 shares of company stock worth $56,944,064 in the last ninety days. Insiders own 18.00% of the company's stock.

Fortinet Stock Performance

NASDAQ FTNT traded up $1.14 during midday trading on Thursday, hitting $104.90. The company had a trading volume of 1,715,784 shares, compared to its average volume of 5,065,060. 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 stock has a market cap of $80.66 billion, a price-to-earnings ratio of 46.47, a P/E/G ratio of 4.19 and a beta of 1.09. The firm has a fifty day simple moving average of $98.77 and a two-hundred day simple moving average of $96.29. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. Equities analysts forecast 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.