121,079 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Scotia Capital Inc.

Scotia Capital Inc. acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 121,079 shares of the software maker’s stock, valued at approximately $11,440,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Norges Bank purchased a new stake in Fortinet during the fourth quarter worth $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet during the 4th quarter worth about $389,867,000. FMR LLC grew its position in shares of Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after purchasing an additional 2,064,016 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $105.77.

Fortinet Stock Performance

NASDAQ FTNT opened at $96.32 on Friday. The stock has a market cap of $74.07 billion, a PE ratio of 42.62, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a fifty day simple moving average of $101.82 and a 200-day simple moving average of $94.46. 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) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% 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.