Federated Hermes Inc. Has $132.91 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Federated Hermes Inc. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 20.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,406,740 shares of the software maker’s stock after buying an additional 242,397 shares during the quarter. Federated Hermes Inc. owned approximately 0.18% of Fortinet worth $132,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter worth approximately $27,000. Oarsman Capital Inc. boosted its holdings in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet during the fourth quarter worth $43,000. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter valued at about $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of Fortinet in the fourth quarter worth about $56,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $84.71 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company’s 50-day moving average price is $102.59 and its two-hundred day moving average price is $93.87.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In related 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 value of $2,150,466.08. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTNT. UBS Group set a $123.00 price objective on Fortinet in a research note on Tuesday, March 18th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Morgan Stanley started coverage on shares of Fortinet in a research note on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 target price on the stock. Royal Bank of Canada boosted their target price 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. Finally, Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $105.77.

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.