OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC Invests $240,000 in Fortinet, Inc. (NASDAQ:FTNT)

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,537 shares of the software maker's stock, valued at approximately $240,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTNT. Norges Bank purchased a new stake in shares of Fortinet in the fourth quarter worth about $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet in the fourth quarter worth about $389,867,000. FMR LLC lifted its holdings in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after buying an additional 2,064,016 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 2.0%

NASDAQ:FTNT traded up $2.03 during trading hours on Friday, hitting $104.59. The company had a trading volume of 4,506,022 shares, compared to its average volume of 4,971,955. The company has a market capitalization of $80.05 billion, a PE ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The stock has a 50-day moving average price of $98.53 and a 200 day moving average price of $98.29. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 earnings per share. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FTNT shares. Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Jefferies Financial Group lowered their target price 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. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. Royal Bank of Canada lowered their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $104.80.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This trade represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 328 shares of the stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 738,978 shares of company stock worth $74,135,907 over the last quarter. Corporate insiders own 17.20% of the company's stock.

About Fortinet

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.