Cibc World Markets Corp Has $11.15 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Cibc World Markets Corp increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 117,988 shares of the software maker’s stock after purchasing an additional 14,229 shares during the period. Cibc World Markets Corp’s holdings in Fortinet were worth $11,148,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter worth approximately $46,000. LFA Lugano Financial Advisors SA lifted its stake in shares of Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares in the last quarter. Private Trust Co. NA grew its holdings 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 valued at $60,000 after buying an additional 307 shares during the last quarter. R Squared Ltd bought a new stake in shares of Fortinet during the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of Fortinet by 30.6% in the 4th 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. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $96.91 on Wednesday. The firm has a market capitalization of $74.52 billion, a P/E ratio of 42.88, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. 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 business has a fifty day moving average price of $102.17 and a 200-day moving average price of $92.08.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on FTNT shares. Bank of America boosted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. UBS Group set a $123.00 price objective on Fortinet in a research note on Tuesday. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $105.69.

Insider Buying and Selling

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

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.