Price T Rowe Associates Inc. MD Has $1.06 Billion Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Price T Rowe Associates Inc. MD decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,197,999 shares of the software maker's stock after selling 885,500 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 1.46% of Fortinet worth $1,057,988,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. First Hawaiian Bank acquired a new stake in Fortinet during the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI lifted its position in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after acquiring an additional 8,707 shares during the period. Trilogy Capital Inc. lifted its position in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after acquiring an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its position in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after acquiring an additional 169,530 shares during the period. Finally, Milestone Asset Management LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $1,690,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In related news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock worth $56,944,064 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

FTNT stock traded up $1.00 on Tuesday, hitting $103.64. 835,744 shares of the company's stock traded hands, compared to its average volume of 5,063,782. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock has a market cap of $79.70 billion, a price-to-earnings ratio of 45.84, a P/E/G ratio of 4.19 and a beta of 1.09. The stock has a fifty day moving average of $99.09 and a 200-day moving average of $96.18. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Scotiabank increased their target price on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research note on Friday, February 7th. Baird R W cut Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. UBS Group set a $123.00 target price on shares of Fortinet in a report on Tuesday, March 18th. Finally, Guggenheim restated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.77.

Fortinet 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.