Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Congress Asset Management Co. MA

Congress Asset Management Co. MA boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 2.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 267,023 shares of the software maker’s stock after acquiring an additional 5,852 shares during the period. Congress Asset Management Co. MA’s holdings in Fortinet were worth $15,669,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of FTNT. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Fortinet by 99,008.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 213,366,900 shares of the software maker’s stock worth $16,128,404,000 after acquiring an additional 213,151,613 shares during the last quarter. Moneta Group Investment Advisors LLC increased its position in Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after purchasing an additional 14,586,086 shares during the last quarter. Norges Bank acquired a new stake in Fortinet during the fourth quarter worth about $312,964,000. Ninety One UK Ltd acquired a new stake in Fortinet during the second quarter worth about $196,858,000. Finally, Bank of Montreal Can acquired a new stake in Fortinet during the second quarter worth $175,298,000. Institutional investors and hedge funds own 65.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $60.62 on Thursday. The company has a 50-day simple moving average of $55.82 and a 200-day simple moving average of $60.72. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.30 and a quick ratio of 1.17. The company has a market cap of $46.55 billion, a PE ratio of 41.81, a price-to-earnings-growth ratio of 2.53 and a beta of 1.09. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.05. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. Fortinet’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 1.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 46,733 shares of the stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Ken Xie sold 46,733 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the transaction, the chief financial officer now owns 4,586 shares in the company, valued at $233,886. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 126,416 shares of company stock worth $7,025,948. 17.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FTNT shares. Jefferies Financial Group lowered shares of Fortinet from a “buy” rating to a “hold” rating and cut their price target for the stock from $85.00 to $65.00 in a research note on Thursday, October 19th. Morgan Stanley lowered their price target on shares of Fortinet from $75.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, November 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price target on shares of Fortinet in a report on Tuesday, November 21st. Evercore ISI restated an “in-line” rating and issued a $51.00 target price (down previously from $78.00) on shares of Fortinet in a report on Friday, November 3rd. Finally, Capital One Financial downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Twenty-five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $64.64.

View Our Latest Research Report on FTNT

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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