Fiera Capital Corp Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Fiera Capital Corp grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,042,009 shares of the software maker’s stock after purchasing an additional 131,393 shares during the period. Fiera Capital Corp owned approximately 0.14% of Fortinet worth $98,449,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $46,000. Finally, R Squared Ltd purchased a new position in Fortinet during the 4th quarter valued at $65,000. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Royal Bank of Canada boosted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Finally, Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $102.77.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the firm’s 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 transaction, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

NASDAQ:FTNT opened at $107.70 on Thursday. The company has a market capitalization of $82.55 billion, a P/E ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99. The business’s 50-day moving average is $98.12 and its 200 day moving average is $85.82. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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 463.85%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.05 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.