New York Life Investment Management LLC Has $8.89 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

New York Life Investment Management LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 94,045 shares of the software maker’s stock after buying an additional 463 shares during the quarter. New York Life Investment Management LLC’s holdings in Fortinet were worth $8,885,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its holdings in Fortinet by 21.0% during the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after purchasing an additional 2,775 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Fortinet by 37.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock valued at $5,841,000 after buying an additional 20,368 shares in the last quarter. abrdn plc grew its position in Fortinet by 8.2% in the third quarter. abrdn plc now owns 260,612 shares of the software maker’s stock valued at $20,128,000 after acquiring an additional 19,655 shares during the period. Fidelis Capital Partners LLC acquired a new position in Fortinet during the third quarter worth $218,000. Finally, First Trust Direct Indexing L.P. lifted its holdings in shares of Fortinet by 17.0% during the third quarter. First Trust Direct Indexing L.P. now owns 22,340 shares of the software maker’s stock valued at $1,732,000 after acquiring an additional 3,241 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Down 1.8 %

Shares of NASDAQ FTNT opened at $107.09 on Friday. The firm has a 50 day moving average price of $101.09 and a 200 day moving average price of $89.48. The stock has a market cap of $82.08 billion, a P/E ratio of 47.39, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week 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 announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FTNT. Morgan Stanley upped their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 87,120 shares of company stock valued at $8,991,409 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

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.