Fortinet, Inc. (NASDAQ:FTNT) is MRP Capital Investments LLC’s 8th Largest Position

MRP Capital Investments LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,578 shares of the software maker’s stock after selling 800 shares during the period. Fortinet accounts for 2.6% of MRP Capital Investments LLC’s investment portfolio, making the stock its 8th biggest holding. MRP Capital Investments LLC’s holdings in Fortinet were worth $2,889,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Amundi increased its stake in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after purchasing an additional 156,766 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $98.45 on Friday. The company has a market cap of $75.71 billion, a P/E ratio of 43.56, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a 50-day moving average of $102.26 and a 200 day moving average of $92.16.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was 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 in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FTNT shares. Cantor Fitzgerald raised their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $105.69.

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.