Mediolanum International Funds Ltd Purchases 23,445 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mediolanum International Funds Ltd grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 10.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 253,257 shares of the software maker’s stock after acquiring an additional 23,445 shares during the period. Mediolanum International Funds Ltd’s holdings in Fortinet were worth $24,033,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. FMR LLC lifted its holdings in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the last quarter. State Street Corp boosted its holdings in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC grew its stake in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in Fortinet by 27.6% in the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock valued at $200,172,000 after acquiring an additional 558,807 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $100.93 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $102.17. The company has a 50 day simple moving average of $96.25 and a two-hundred day simple moving average of $82.69. The company has a market capitalization of $77.36 billion, a PE ratio of 50.97, a P/E/G ratio of 2.61 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the prior year, the company posted $0.35 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on FTNT. Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, January 24th. Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Finally, Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.83.

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.