Harel Insurance Investments & Financial Services Ltd. Has $2.41 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2,092.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,603 shares of the software maker's stock after purchasing an additional 38,751 shares during the period. Harel Insurance Investments & Financial Services Ltd.'s holdings in Fortinet were worth $2,411,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC increased its position in shares of Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker's stock worth $713,680,000 after acquiring an additional 14,586,086 shares in the last quarter. Norges Bank bought a new stake in shares of Fortinet during the fourth quarter worth about $312,964,000. Nordea Investment Management AB increased its position in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker's stock worth $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Fortinet by 79.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker's stock worth $209,853,000 after acquiring an additional 1,585,236 shares in the last quarter. Finally, DSM Capital Partners LLC bought a new stake in shares of Fortinet during the third quarter worth about $75,698,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on FTNT. Stifel Nicolaus boosted their target price on shares of Fortinet from $52.00 to $78.00 and gave the stock a "hold" rating in a research report on Wednesday, February 7th. UBS Group upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 10th. Piper Sandler reaffirmed a "neutral" rating and issued a $75.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Wells Fargo & Company upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 7th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $75.00 price objective (up from $50.00) on shares of Fortinet in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $72.35.

Insider Buying and Selling

In related news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company's stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 108,147 shares of company stock worth $7,424,394 in the last 90 days. 17.54% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of Fortinet stock traded down $1.77 on Friday, hitting $66.45. 5,134,673 shares of the company traded hands, compared to its average volume of 4,320,453. The firm's 50-day simple moving average is $68.91 and its 200 day simple moving average is $61.39. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a market cap of $50.70 billion, a P/E ratio of 45.83, a P/E/G ratio of 2.95 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS. Analysts expect that Fortinet, Inc. will post 1.39 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.