Fisher Asset Management LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Fisher Asset Management LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 24.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,961 shares of the software maker’s stock after acquiring an additional 2,373 shares during the period. Fisher Asset Management LLC’s holdings in Fortinet were worth $700,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Gerber LLC bought a new stake in Fortinet in the 4th quarter worth approximately $402,000. Greenwood Capital Associates LLC grew its position in shares of Fortinet by 71.2% during the 4th quarter. Greenwood Capital Associates LLC now owns 112,298 shares of the software maker’s stock valued at $6,573,000 after acquiring an additional 46,712 shares during the period. Vima LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $25,000. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $32,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $247,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.1 %

Shares of NASDAQ FTNT opened at $58.56 on Monday. The firm’s 50-day moving average price is $61.10 and its 200-day moving average price is $63.58. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $44.74 billion, a price-to-earnings ratio of 38.27, a P/E/G ratio of 2.84 and a beta of 0.98. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 91,638 shares of company stock worth $5,705,568. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Rosenblatt Securities reissued a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research report on Tuesday, June 11th. Morgan Stanley cut their price objective on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Wedbush reissued an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research report on Wednesday, May 22nd. Barclays cut their price objective on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Finally, Wells Fargo & Company dropped their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.66.

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.