Fortinet, Inc. (NASDAQ:FTNT) Stock Position Lifted by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 718,095 shares of the software maker’s stock after purchasing an additional 29,905 shares during the quarter. Russell Investments Group Ltd. owned about 0.09% of Fortinet worth $67,998,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Manchester Capital Management LLC raised its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares in the last quarter. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC boosted its stake in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FTNT shares. Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Wells Fargo & Company lifted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Susquehanna raised their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, UBS Group set a $123.00 price target on Fortinet in a report on Tuesday, March 18th. 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, the stock currently has an average rating of “Hold” and an average target price of $105.77.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last three months. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $84.71 on Friday. 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, Inc. has a one year low of $54.57 and a one year high of $114.82. The business’s 50-day moving average price is $102.59 and its two-hundred day moving average price is $93.87. The company has a market capitalization of $65.14 billion, a P/E ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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 anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.