Greenleaf Trust Buys 677 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Greenleaf Trust lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,031 shares of the software maker’s stock after acquiring an additional 677 shares during the quarter. Greenleaf Trust’s holdings in Fortinet were worth $948,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Fortinet by 2.9% in 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 last quarter. Geode Capital Management LLC boosted its position in Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Fortinet by 10.3% in the 3rd 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 valued at $448,854,000 after purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Finally, FMR LLC raised its position in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $100.90 on Tuesday. The company has a market capitalization of $77.34 billion, a P/E ratio of 50.96, a PEG ratio of 2.65 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $102.87. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a 50 day moving average price of $96.57 and a two-hundred day moving average price of $83.61.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FTNT. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, January 24th. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their price target for the company from $100.00 to $120.00 in a research note on Monday, January 6th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Finally, KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.23.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last 90 days. Company insiders own 18.00% of the company’s stock.

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.