Y.D. More Investments Ltd Has $3.63 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Y.D. More Investments Ltd increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 101.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,964 shares of the software maker’s stock after purchasing an additional 31,198 shares during the period. Y.D. More Investments Ltd’s holdings in Fortinet were worth $3,627,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the period. DSM Capital Partners LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $75,698,000. Public Sector Pension Investment Board grew its position in Fortinet by 358.1% in the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after purchasing an additional 1,285,197 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Fortinet by 569.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock valued at $56,585,000 after buying an additional 820,257 shares during the last quarter. Finally, LGT Group Foundation acquired a new position in shares of Fortinet during the 3rd quarter worth about $38,362,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.35 during midday trading on Wednesday, reaching $63.53. 4,331,777 shares of the company were exchanged, compared to its average volume of 5,731,044. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The stock has a market cap of $48.49 billion, a P/E ratio of 43.73, a PEG ratio of 2.85 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock’s 50-day moving average price is $67.78 and its 200-day moving average price is $61.87.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the company earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FTNT shares. The Goldman Sachs Group upped their target price on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Jefferies Financial Group dropped their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Stifel Nicolaus lifted their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $72.19.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock valued at $8,977,876 in the last ninety days. 17.54% of the stock is currently owned by insiders.

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.