Massachusetts Financial Services Co. MA Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Massachusetts Financial Services Co. MA lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 12.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,262 shares of the software maker’s stock after selling 463 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Fortinet were worth $308,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FTNT. Norges Bank purchased a new position in shares of Fortinet in the fourth quarter worth $724,048,000. Schroder Investment Management Group purchased a new position in shares of Fortinet in the fourth quarter worth $389,867,000. Arrowstreet Capital Limited Partnership increased its position in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Amundi increased its position in Fortinet by 36.7% in 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 last quarter. Finally, Los Angeles Capital Management LLC increased its position in 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 worth $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 13.4 %

NASDAQ:FTNT opened at $99.93 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a 50-day moving average of $101.92 and a 200 day moving average of $94.33. The firm has a market cap of $76.84 billion, a PE ratio of 44.22, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of several research reports. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Susquehanna boosted their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Royal Bank of Canada boosted their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $105.77.

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.