Fortinet, Inc. (NASDAQ:FTNT) Stock Position Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 154.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 387,777 shares of the software maker’s stock after buying an additional 235,245 shares during the period. Allspring Global Investments Holdings LLC owned about 0.05% of Fortinet worth $36,742,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC boosted its position in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co boosted its position in shares of Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares during the last quarter. Eagle Capital Management LLC boosted its position in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

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

Fortinet Price Performance

NASDAQ:FTNT opened at $111.64 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock’s 50-day simple moving average is $98.60 and its 200 day simple moving average is $86.37. The company has a market cap of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Bank of America raised their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Wells Fargo & Company raised their price target on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. raised their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Finally, Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Company 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.