Andra AP fonden Has $18.95 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Andra AP fonden lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,600 shares of the software maker’s stock after purchasing an additional 22,800 shares during the quarter. Andra AP fonden’s holdings in Fortinet were worth $18,953,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Manchester Capital Management LLC grew its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC grew its stake 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 purchasing an additional 107 shares during the period. Fielder Capital Group LLC grew its stake in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its stake in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares during the period. Finally, Versant Capital Management Inc grew its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FTNT shares. Barclays upped their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Bank of America increased their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company increased their price target on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Stock Down 0.4 %

FTNT stock opened at $101.28 on Friday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The business has a fifty day moving average price of $101.95 and a 200-day moving average price of $90.64. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $77.88 billion, a P/E ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 328 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 87,120 shares of company stock valued at $8,991,409. Company insiders own 18.00% of the company’s stock.

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.