Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 658.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 449,302 shares of the software maker’s stock after buying an additional 390,088 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Fortinet were worth $35,679,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the business. Pinnacle Holdings LLC purchased a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ameriflex Group Inc. purchased a new stake in shares of Fortinet in the third quarter valued at about $25,000. Wexford Capital LP purchased a new stake in shares of Fortinet in the third quarter valued at about $25,000. Palisade Asset Management LLC purchased a new stake in shares of Fortinet in the third quarter valued at about $28,000. Finally, Ares Financial Consulting LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 83.71% of the company’s stock.
Fortinet Price Performance
FTNT opened at $126.50 on Tuesday. The firm has a market cap of $92.68 billion, a P/E ratio of 48.84, a PEG ratio of 3.38 and a beta of 0.92. The firm has a 50-day moving average of $88.36 and a 200 day moving average of $83.65. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $126.61.
Wall Street Analyst Weigh In
Several analysts have recently commented on the stock. Sanford C. Bernstein reiterated a “market perform” rating and issued a $83.00 target price on shares of Fortinet in a report on Friday, February 6th. Citigroup increased their target price on shares of Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Compass Point set a $100.00 target price on shares of Fortinet in a report on Monday, May 4th. Evercore set a $80.00 target price on shares of Fortinet in a report on Friday, February 6th. Finally, Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Fortinet in a report on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $100.45.
Check Out Our Latest Stock Report on Fortinet
Insider Activity
In related news, VP Michael Xie sold 2,478 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 5,355 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the transaction, the chief executive officer owned 52,978,004 shares of the company’s stock, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is currently owned by corporate insiders.
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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