Livforsakringsbolaget Skandia Omsesidigt Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 413.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,712 shares of the software maker’s stock after buying an additional 4,600 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Fortinet were worth $443,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. JGP Wealth Management LLC grew its holdings in Fortinet by 3.4% during the 3rd quarter. JGP Wealth Management LLC now owns 16,035 shares of the software maker’s stock worth $1,244,000 after acquiring an additional 532 shares in the last quarter. ORBA Wealth Advisors L.L.C. lifted its position in shares of Fortinet by 30.8% in the 3rd quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock worth $1,512,000 after purchasing an additional 4,591 shares during the period. Tobam boosted its stake in shares of Fortinet by 2,628.2% during the third quarter. Tobam now owns 44,851 shares of the software maker’s stock valued at $3,478,000 after purchasing an additional 43,207 shares in the last quarter. Sendero Wealth Management LLC increased its holdings in Fortinet by 2.8% during the third quarter. Sendero Wealth Management LLC now owns 40,846 shares of the software maker’s stock valued at $3,168,000 after buying an additional 1,099 shares during the period. Finally, Perpetual Ltd raised its stake in Fortinet by 98.7% in the third quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after buying an additional 12,054 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Wedbush reissued an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Susquehanna lifted their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, BMO Capital Markets increased their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $72.64.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $82.87 on Monday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.04. The firm has a market capitalization of $63.39 billion, a PE ratio of 49.04, a P/E/G ratio of 2.84 and a beta of 1.00. The business’s 50 day moving average price is $74.98 and its 200-day moving average price is $66.16.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,943 shares of company stock valued at $4,881,539. 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.