Elo Mutual Pension Insurance Co Has $3.42 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Elo Mutual Pension Insurance Co raised its stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 4.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,499 shares of the software maker’s stock after acquiring an additional 2,639 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Fortinet were worth $3,424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ossiam raised its holdings in Fortinet by 1.3% during the 4th quarter. Ossiam now owns 240,633 shares of the software maker’s stock worth $14,084,000 after buying an additional 3,052 shares during the period. Personal CFO Solutions LLC raised its holdings in Fortinet by 29.6% during the 4th quarter. Personal CFO Solutions LLC now owns 6,419 shares of the software maker’s stock worth $376,000 after buying an additional 1,465 shares during the period. Seven Eight Capital LP raised its holdings in Fortinet by 7.6% during the 4th quarter. Seven Eight Capital LP now owns 31,801 shares of the software maker’s stock worth $1,861,000 after buying an additional 2,247 shares during the period. Wealth Quarterback LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $690,000. Finally, Schroder Investment Management Group raised its holdings in Fortinet by 2.9% during the 4th quarter. Schroder Investment Management Group now owns 2,618,816 shares of the software maker’s stock worth $153,279,000 after buying an additional 74,528 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director William H. Neukom bought 586 shares of the stock in a transaction on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The disclosure for this sale can be found here. Insiders have sold a total of 67,403 shares of company stock valued at $4,262,858 over the last 90 days. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.6 %

NASDAQ:FTNT opened at $60.09 on Tuesday. The firm has a fifty day simple moving average of $62.91 and a two-hundred day simple moving average of $63.10. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a market capitalization of $45.91 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 2.93 and a beta of 0.98. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. Analysts expect that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Scotiabank dropped their target price on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, May 3rd. Piper Sandler lowered their price objective on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Royal Bank of Canada lowered their price objective on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, Wells Fargo & Company lowered their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $70.10.

View Our Latest Analysis on Fortinet

Fortinet Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNTFree Report).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.