Sarasin & Partners LLP Buys 20,337 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sarasin & Partners LLP grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,951,234 shares of the software maker’s stock after purchasing an additional 20,337 shares during the period. Fortinet makes up approximately 2.0% of Sarasin & Partners LLP’s holdings, making the stock its 19th largest holding. Sarasin & Partners LLP’s holdings in Fortinet were worth $184,353,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. First Hawaiian Bank acquired a new position in shares of Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI boosted its holdings in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its holdings in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $10,343,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 0.2 %

Shares of NASDAQ:FTNT opened at $94.23 on Monday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The company has a 50-day simple moving average of $95.68 and a 200 day simple moving average of $80.61. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Robert W. Baird boosted their target price on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Wedbush upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Mizuho upped their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $96.17.

Insider Activity at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 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.