Principal Financial Group Inc. Has $71.94 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Principal Financial Group Inc. raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 761,386 shares of the software maker’s stock after buying an additional 11,243 shares during the quarter. Principal Financial Group Inc.’s holdings in Fortinet were worth $71,936,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Performance Advisors LLP increased its stake in Fortinet by 47.5% in the fourth quarter. Capital Performance Advisors LLP now owns 5,184 shares of the software maker’s stock valued at $490,000 after acquiring an additional 1,669 shares during the last quarter. Sierra Ocean LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $77,000. J.W. Cole Advisors Inc. increased its stake in shares of Fortinet by 6.1% in the 4th quarter. J.W. Cole Advisors Inc. now owns 10,830 shares of the software maker’s stock valued at $1,023,000 after purchasing an additional 625 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Fortinet by 6.0% during the 4th quarter. Allworth Financial LP now owns 5,837 shares of the software maker’s stock worth $573,000 after buying an additional 329 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $114.57 on Thursday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market cap of $87.81 billion, a PE ratio of 50.69, a P/E/G ratio of 4.09 and a beta of 1.01. The stock has a 50-day moving average of $99.56 and a 200-day moving average of $87.75. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates 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 research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on FTNT shares. Morgan Stanley boosted their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Susquehanna boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.72.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 63,610 shares of company stock valued at $6,083,029. 18.00% of the stock is owned by company insiders.

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.