Federated Hermes Inc. Buys 35,803 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Federated Hermes Inc. boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 149.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,829 shares of the software maker's stock after purchasing an additional 35,803 shares during the quarter. Federated Hermes Inc.'s holdings in Fortinet were worth $3,502,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FTNT. Cito Capital Group LLC acquired a new position in Fortinet in the 3rd quarter valued at $660,000. Vontobel Holding Ltd. raised its holdings in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker's stock valued at $29,693,000 after acquiring an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker's stock valued at $2,411,000 after acquiring an additional 38,751 shares in the last quarter. Alamar Capital Management LLC raised its holdings in Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker's stock valued at $3,743,000 after acquiring an additional 7,110 shares in the last quarter. Finally, Marshall Financial Group LLC acquired a new position in Fortinet in the 4th quarter valued at $1,487,000. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was 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 $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 46,084 shares of the business's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business's stock in a transaction dated 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,139 shares of company stock worth $8,977,876. Company insiders own 17.54% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on FTNT shares. Morgan Stanley lifted their price objective on Fortinet from $77.00 to $81.00 and gave the company an "overweight" rating in a report on Wednesday, February 7th. DZ Bank cut Fortinet from a "hold" rating to a "sell" rating and set a $60.00 price target for the company. in a report on Thursday, February 8th. Cantor Fitzgerald reissued a "neutral" rating and set a $65.00 price target on shares of Fortinet in a report on Wednesday, April 17th. Jefferies Financial Group lowered their price target on Fortinet from $75.00 to $70.00 and set a "hold" rating for the company in a report on Thursday, April 18th. Finally, Daiwa Capital Markets raised Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $72.19.

Fortinet Trading Up 0.2 %

Shares of FTNT traded up $0.15 during trading hours on Friday, hitting $64.18. The company had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. The firm has a market cap of $48.97 billion, a P/E ratio of 44.26, a P/E/G ratio of 2.84 and a beta of 1.08. The stock's 50 day moving average price is $67.96 and its 200 day moving average price is $61.77. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

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