New York Life Investment Management LLC Has $8.89 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

New York Life Investment Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 94,045 shares of the software maker’s stock after purchasing an additional 463 shares during the period. New York Life Investment Management LLC’s holdings in Fortinet were worth $8,885,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in FTNT. State Street Corp lifted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its position in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Fortinet by 10.3% during the third 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 worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after acquiring an additional 68,852 shares during the period. Finally, FMR LLC grew its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on FTNT. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Royal Bank of Canada increased their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction dated Friday, December 6th. The stock was 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 owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $107.09 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock’s 50-day moving average is $101.09 and its 200-day moving average is $89.48. The stock has a market cap of $82.08 billion, a P/E ratio of 47.39, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Fortinet Company 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.