National Bank of Canada FI Has $43.79 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

National Bank of Canada FI decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 463,496 shares of the software maker’s stock after selling 127,236 shares during the quarter. National Bank of Canada FI owned approximately 0.06% of Fortinet worth $43,791,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Public Sector Pension Investment Board lifted its holdings in Fortinet by 14.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock worth $1,998,000 after buying an additional 3,300 shares during the period. Captrust Financial Advisors lifted its stake in shares of Fortinet by 21.0% in the third quarter. Captrust Financial Advisors now owns 50,096 shares of the software maker’s stock worth $3,885,000 after acquiring an additional 8,708 shares during the period. Erste Asset Management GmbH acquired a new stake in Fortinet during the 3rd quarter valued at approximately $93,000. Investment Management Corp of Ontario raised its holdings in Fortinet by 49.0% during the 3rd quarter. Investment Management Corp of Ontario now owns 21,601 shares of the software maker’s stock worth $1,675,000 after purchasing an additional 7,100 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in shares of Fortinet by 10.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker’s stock worth $931,000 after purchasing an additional 1,088 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 in the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.5 %

FTNT stock opened at $98.08 on Thursday. The stock has a market cap of $75.42 billion, a P/E ratio of 43.40, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock’s fifty day simple moving average is $102.99 and its two-hundred day simple moving average is $93.71. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results 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%. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FTNT shares. Royal Bank of Canada increased their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. JPMorgan Chase & Co. raised their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $105.77.

About Fortinet

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.