LGT Group Foundation Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

LGT Group Foundation grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 748,784 shares of the software maker's stock after acquiring an additional 94,475 shares during the quarter. Fortinet accounts for approximately 1.0% of LGT Group Foundation's investment portfolio, making the stock its 23rd largest position. LGT Group Foundation owned 0.10% of Fortinet worth $44,478,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Cito Capital Group LLC bought a new stake in Fortinet in the 3rd quarter valued at about $660,000. Vontobel Holding Ltd. boosted its holdings in Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker's stock worth $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker's stock worth $2,411,000 after purchasing an additional 38,751 shares during the last quarter. Alamar Capital Management LLC boosted its holdings in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker's stock worth $3,743,000 after buying an additional 7,110 shares during the last quarter. Finally, Marshall Financial Group LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $1,487,000. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. Wedbush reissued an "outperform" rating and set a $86.00 target price on shares of Fortinet in a report on Wednesday. DZ Bank lowered shares of Fortinet from a "hold" rating to a "sell" rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Scotiabank lifted their target price on shares of Fortinet from $70.00 to $90.00 and gave the company a "sector outperform" rating in a research note on Wednesday, February 7th. Susquehanna restated a "neutral" rating and set a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Daiwa Capital Markets raised Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 target price on the stock in a research note on Tuesday, February 13th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $72.19.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 38,369 shares of the company's stock in a transaction on 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 completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares of the company's stock, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business's stock in a transaction that occurred on 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 approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by corporate insiders.

Fortinet Stock Up 2.6 %

Shares of FTNT traded up $1.67 during mid-day trading on Thursday, hitting $65.20. The company's stock had a trading volume of 7,779,195 shares, compared to its average volume of 5,755,887. The firm has a market capitalization of $49.77 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. 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's 50-day moving average is $67.74 and its 200-day moving average is $61.88.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet's revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 1.39 EPS 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.