Atomi Financial Group Inc. Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Atomi Financial Group Inc. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 9,485 shares of the software maker’s stock after purchasing an additional 1,326 shares during the period. Atomi Financial Group Inc.’s holdings in Fortinet were worth $896,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC grew its stake in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. AQR Capital Management LLC grew its position in Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC increased its stake in Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the last quarter. State Street Corp raised its position in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its stake in shares of Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $98.24 on Thursday. The firm has a market capitalization of $75.30 billion, a P/E ratio of 49.62, a P/E/G ratio of 2.49 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The firm’s 50 day moving average is $95.59 and its two-hundred day moving average is $81.22.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the business earned $0.35 EPS. Research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FTNT. The Goldman Sachs Group raised their price objective on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Mizuho boosted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Morgan Stanley boosted their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Finally, Rosenblatt Securities raised their price target on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $96.33.

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.