Czech National Bank Has $13.03 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Czech National Bank raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 137,932 shares of the software maker’s stock after buying an additional 8,602 shares during the period. Czech National Bank’s holdings in Fortinet were worth $13,032,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. State Street Corp boosted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Marshall Wace LLP increased its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Fortinet by 15.0% in the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after acquiring an additional 657,400 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on FTNT. Scotiabank raised their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. UBS Group raised their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities upped their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.35.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock worth $6,227,201 in the last 90 days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $93.83 on Tuesday. The company’s 50 day moving average price is $94.89 and its two-hundred day moving average price is $79.68. The firm has a market capitalization of $71.92 billion, a P/E ratio of 47.39, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

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.