Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Cibc World Market Inc.

Cibc World Market Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 228,835 shares of the software maker’s stock after buying an additional 6,988 shares during the quarter. Cibc World Market Inc.’s holdings in Fortinet were worth $21,620,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank boosted its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at about $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Cantor Fitzgerald upped their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their target price for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Robert W. Baird upped their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $96.83.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % 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 valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $100.88 on Friday. The stock has a market cap of $77.32 billion, a PE ratio of 50.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $102.87. The firm’s fifty day simple moving average is $96.42 and its 200-day simple moving average is $82.98. 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 (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 return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the company earned $0.35 EPS. Analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

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.