Fortinet, Inc. (NASDAQ:FTNT) Stock Position Reduced by Renaissance Group LLC

Renaissance Group LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,199 shares of the software maker’s stock after selling 648 shares during the quarter. Renaissance Group LLC’s holdings in Fortinet were worth $1,625,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bank of Nova Scotia raised its holdings in shares of Fortinet by 41.9% during the fourth quarter. Bank of Nova Scotia now owns 787,390 shares of the software maker’s stock worth $74,403,000 after acquiring an additional 232,469 shares in the last quarter. U S Wealth Group LLC. purchased a new stake in shares of Fortinet during the 4th quarter worth about $712,000. Twin Capital Management Inc. lifted its holdings in shares of Fortinet by 3.0% during the 4th quarter. Twin Capital Management Inc. now owns 48,370 shares of the software maker’s stock valued at $4,570,000 after buying an additional 1,424 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock valued at $792,564,000 after buying an additional 2,000,888 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Fortinet by 1.1% in the 4th quarter. Cerity Partners LLC now owns 277,230 shares of the software maker’s stock valued at $25,723,000 after buying an additional 3,072 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction 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 owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FTNT shares. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Stephens assumed coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective for the company. Robert W. Baird restated a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Finally, Scotiabank boosted their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $105.77.

Fortinet Price Performance

Shares of Fortinet stock opened at $88.15 on Wednesday. The firm has a market cap of $67.79 billion, a P/E ratio of 39.00, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The firm’s 50-day simple moving average is $101.96 and its 200-day simple moving average is $94.13. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.