Banque Cantonale Vaudoise lifted its position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 86.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,615 shares of the software maker’s stock after buying an additional 43,944 shares during the period. Banque Cantonale Vaudoise’s holdings in Fortinet were worth $7,513,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the business. PDS Planning Inc increased its holdings in shares of Fortinet by 3.1% in the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock worth $326,000 after acquiring an additional 123 shares in the last quarter. Delta Investment Management LLC lifted its holdings in shares of Fortinet by 2.4% during the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock valued at $417,000 after purchasing an additional 125 shares in the last quarter. Fiduciary Trust Co lifted its holdings in shares of Fortinet by 1.2% during the 3rd quarter. Fiduciary Trust Co now owns 10,823 shares of the software maker’s stock valued at $910,000 after purchasing an additional 130 shares in the last quarter. Optimist Retirement Group LLC grew its position in shares of Fortinet by 2.9% in the 3rd quarter. Optimist Retirement Group LLC now owns 4,888 shares of the software maker’s stock valued at $411,000 after purchasing an additional 140 shares during the period. Finally, L2 Asset Management LLC increased its stake in Fortinet by 5.1% during the 3rd quarter. L2 Asset Management LLC now owns 2,992 shares of the software maker’s stock worth $252,000 after purchasing an additional 145 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.
Fortinet Trading Up 0.9%
Shares of NASDAQ:FTNT opened at $127.64 on Wednesday. The company’s 50-day moving average price is $89.23 and its two-hundred day moving average price is $83.95. Fortinet, Inc. has a one year low of $70.12 and a one year high of $128.20. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock has a market capitalization of $93.52 billion, a PE ratio of 49.28, a price-to-earnings-growth ratio of 3.48 and a beta of 0.92.
Analysts Set New Price Targets
A number of brokerages recently commented on FTNT. Scotiabank raised their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a report on Thursday, May 7th. Wells Fargo & Company reissued an “underweight” rating and issued a $70.00 price target (up from $64.00) on shares of Fortinet in a research note on Thursday, May 7th. Sanford C. Bernstein restated a “market perform” rating and issued a $83.00 price target on shares of Fortinet in a report on Friday, February 6th. Jefferies Financial Group set a $90.00 price objective on Fortinet in a research report on Friday, February 6th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $87.00 price objective on shares of Fortinet in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $101.83.
View Our Latest Report on Fortinet
Insider Buying and Selling
In other news, CEO Ken Xie sold 5,355 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the sale, the chief executive officer directly owned 52,978,004 shares of the company’s stock, valued at approximately $4,709,744,555.60. This represents a 0.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, VP Michael Xie sold 2,478 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $88.89, for a total value of $220,269.42. Following the transaction, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% 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 owned by company insiders.
Fortinet News Summary
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Fortinet said AI-related security demand is accelerating, which is supporting stronger sales momentum and leading management to lift guidance. Fortinet Rides AI-Led Surge to Lift Guidance
- Positive Sentiment: Analyst commentary continues to frame FTNT as a strong momentum name, citing billings growth, margin strength, and favorable estimate revisions tied to AI and SASE demand. Here’s Why Fortinet (FTNT) is a Strong Momentum Stock
- Positive Sentiment: Another bullish note argues Fortinet looks like the better cybersecurity buy versus Zscaler because of AI and SASE tailwinds and ongoing demand strength. Zscaler vs. Fortinet: Which Cybersecurity Stock Is the Better Buy?
- Neutral Sentiment: Fortinet also presented at J.P. Morgan’s Global Technology, Media and Communications Conference, which may have helped reinforce its growth story but did not include a clearly new catalyst. Fortinet, Inc. (FTNT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript
- Negative Sentiment: DZ Bank downgraded Fortinet from Buy to Hold and set a $125 price target, signaling some caution on valuation and contributing pressure on the shares. Finviz report
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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