Cornerstone Select Advisors LLC Invests $672,000 in Fortinet, Inc. (NASDAQ:FTNT)

Cornerstone Select Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,113 shares of the software maker’s stock, valued at approximately $672,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after buying an additional 730,994 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after acquiring an additional 387,901 shares during the period. Invesco Ltd. boosted its holdings in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock valued at $792,564,000 after acquiring an additional 2,000,888 shares during the last quarter. Norges Bank acquired a new stake in Fortinet during the 4th quarter valued at approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 1.2 %

FTNT stock opened at $107.33 on Wednesday. The company’s 50 day moving average is $98.64 and its 200 day moving average is $97.08. The stock has a market cap of $82.08 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. 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. Robert W. Baird raised their target price on Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Wells Fargo & Company lifted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.07.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction that occurred 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 owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock worth $74,135,907 over the last three months. Company insiders own 18.00% of the company’s stock.

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.