Northern Trust Corp Has $611.32 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Northern Trust Corp grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,470,320 shares of the software maker's stock after buying an additional 951,233 shares during the period. Northern Trust Corp owned 0.84% of Fortinet worth $611,316,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. increased its holdings in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC purchased a new position in Fortinet in the fourth quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new position in Fortinet in the fourth quarter worth approximately $56,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 0.4 %

Shares of Fortinet stock traded up $0.45 during trading hours on Thursday, hitting $104.21. The company's stock had a trading volume of 4,085,679 shares, compared to its average volume of 5,077,152. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The business has a fifty day moving average of $98.68 and a 200 day moving average of $96.44. The company has a market capitalization of $80.13 billion, a PE ratio of 46.11, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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%. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares of the company's stock, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 576,944 shares of company stock worth $56,944,064. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. Raymond James reiterated a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Jefferies Financial Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. The Goldman Sachs Group increased their price objective on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a report on Friday, February 7th. Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a report on Friday, February 7th. Finally, Stifel Nicolaus increased their price objective on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. 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 assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $104.77.

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.