Millennium Management LLC lifted its position in Fortinet Inc (NASDAQ:FTNT) by 29.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,002,205 shares of the software maker’s stock after buying an additional 228,477 shares during the period. Millennium Management LLC owned about 0.58% of Fortinet worth $43,786,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. LS Investment Advisors LLC increased its position in shares of Fortinet by 8.2% in the 4th quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock valued at $706,000 after buying an additional 1,229 shares in the last quarter. American Century Companies Inc. increased its position in shares of Fortinet by 5.3% in the 4th quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock valued at $1,083,000 after buying an additional 1,244 shares in the last quarter. Amalgamated Bank increased its position in shares of Fortinet by 4.4% in the 4th quarter. Amalgamated Bank now owns 30,653 shares of the software maker’s stock valued at $1,339,000 after buying an additional 1,287 shares in the last quarter. Ropes Wealth Advisors LLC increased its position in shares of Fortinet by 28.7% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after buying an additional 1,325 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Fortinet by 1.4% in the 3rd quarter. Comerica Bank now owns 118,662 shares of the software maker’s stock valued at $4,687,000 after buying an additional 1,675 shares in the last quarter. Institutional investors and hedge funds own 68.73% of the company’s stock.

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A number of analysts recently commented on the stock. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Friday, March 9th. Credit Suisse Group upped their price objective on shares of Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a research report on Tuesday, February 6th. BMO Capital Markets upped their price objective on shares of Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, February 6th. Stifel Nicolaus upped their price objective on shares of Fortinet from $42.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday, February 6th. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $57.00 price objective on shares of Fortinet in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $49.58.

Fortinet stock opened at $54.57 on Thursday. The stock has a market capitalization of $9,036.34, a PE ratio of 321.00, a price-to-earnings-growth ratio of 4.32 and a beta of 0.73. Fortinet Inc has a 1-year low of $35.44 and a 1-year high of $55.18.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The company’s revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. equities analysts expect that Fortinet Inc will post 0.74 earnings per share for the current year.

In other news, VP John Whittle sold 624 shares of the firm’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $54.44, for a total value of $33,970.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 89,423 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $45.08, for a total value of $4,031,188.84. Following the completion of the transaction, the chief executive officer now owns 12,608,811 shares of the company’s stock, valued at approximately $568,405,199.88. The disclosure for this sale can be found here. Insiders sold a total of 156,190 shares of company stock valued at $7,114,541 in the last 90 days. 17.00% of the stock is owned by corporate insiders.

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About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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