Cibc World Markets Corp Purchases 14,229 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cibc World Markets Corp grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,988 shares of the software maker’s stock after buying an additional 14,229 shares during the period. Cibc World Markets Corp’s holdings in Fortinet were worth $11,148,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. FMR LLC raised its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Amundi increased its holdings in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after buying an additional 1,682,708 shares in the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Fortinet during the fourth quarter worth approximately $69,381,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Jefferies Financial Group boosted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Piper Sandler reiterated an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Stifel Nicolaus boosted 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, Wedbush upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. One equities 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 company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $105.69.

Fortinet Stock Up 0.2 %

Shares of NASDAQ:FTNT opened at $96.91 on Wednesday. The firm has a market cap of $74.52 billion, a P/E ratio of 42.88, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The business has a fifty day simple moving average of $102.17 and a 200 day simple moving average of $92.08. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 328 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, 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 document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the business’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 value of $2,150,466.08. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock worth $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet 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.