Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Natixis Advisors LLC

Natixis Advisors LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.6% during the fourth quarter, Holdings Channel reports. The firm owned 202,316 shares of the software maker’s stock after acquiring an additional 27,243 shares during the quarter. Natixis Advisors LLC’s holdings in Fortinet were worth $19,115,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. LFA Lugano Financial Advisors SA grew its position in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after acquiring an additional 490 shares during the last quarter. Private Trust Co. NA grew its position in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares during the last quarter. R Squared Ltd bought a new position in shares of Fortinet during the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC grew its position in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Morgan Stanley began coverage on shares of Fortinet in a research report on Tuesday. They set an “overweight” rating and a $123.00 price target for the company. Stifel Nicolaus increased their target price on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. Finally, Wells Fargo & Company increased their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet Stock Performance

Shares of FTNT opened at $96.91 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a 50-day moving average of $102.17 and a two-hundred day moving average of $92.08. The stock has a market cap of $74.52 billion, a price-to-earnings ratio of 42.88, a PEG ratio of 4.19 and a beta of 0.97. 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 posted its quarterly 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 net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

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 transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by company insiders.

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.