Panagora Asset Management Inc. Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Panagora Asset Management Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 517,764 shares of the software maker’s stock after purchasing an additional 61,056 shares during the quarter. Panagora Asset Management Inc.’s holdings in Fortinet were worth $95,486,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. increased its holdings in Fortinet by 3.8% in the 1st quarter. First Horizon Advisors Inc. now owns 1,323 shares of the software maker’s stock worth $243,000 after acquiring an additional 49 shares in the last quarter. CX Institutional increased its holdings in Fortinet by 23.5% in the 1st quarter. CX Institutional now owns 268 shares of the software maker’s stock worth $49,000 after acquiring an additional 51 shares in the last quarter. Lake Street Financial LLC boosted its stake in Fortinet by 0.9% in the 1st quarter. Lake Street Financial LLC now owns 6,295 shares of the software maker’s stock worth $1,161,000 after purchasing an additional 54 shares during the period. Assetmark Inc. boosted its stake in Fortinet by 1.5% in the 4th quarter. Assetmark Inc. now owns 4,511 shares of the software maker’s stock worth $670,000 after purchasing an additional 67 shares during the period. Finally, FDx Advisors Inc. boosted its stake in Fortinet by 2.8% in the 1st quarter. FDx Advisors Inc. now owns 2,668 shares of the software maker’s stock worth $492,000 after purchasing an additional 73 shares during the period. 70.85% of the stock is owned by institutional investors.

In other news, CFO Keith Jensen sold 1,550 shares of the firm’s stock in a transaction on Tuesday, May 18th. The stock was sold at an average price of $206.02, for a total transaction of $319,331.00. Following the transaction, the chief financial officer now owns 2,042 shares in the company, valued at $420,692.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John Whittle sold 2,410 shares of the firm’s stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $178.07, for a total value of $429,148.70. Following the transaction, the vice president now owns 1,216 shares in the company, valued at approximately $216,533.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,230 shares of company stock worth $11,691,331. Insiders own 18.20% of the company’s stock.

FTNT has been the subject of several recent analyst reports. Morgan Stanley upped their price target on Fortinet from $170.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Friday, April 30th. Monness Crespi & Hardt upped their price target on Fortinet from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, April 21st. DA Davidson upped their price target on Fortinet from $200.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, April 30th. KeyCorp upped their price target on Fortinet from $233.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. Finally, Piper Sandler increased their target price on Fortinet from $150.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, March 10th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Hold” and an average price target of $183.52.

FTNT stock opened at $228.48 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.93 and a current ratio of 2.01. The stock has a fifty day simple moving average of $206.94. Fortinet, Inc. has a twelve month low of $106.75 and a twelve month high of $229.52. The stock has a market capitalization of $37.31 billion, a price-to-earnings ratio of 77.35, a price-to-earnings-growth ratio of 5.74 and a beta of 1.11.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, April 29th. The software maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.33. Fortinet had a return on equity of 54.85% and a net margin of 17.96%. The business had revenue of $710.30 million for the quarter, compared to analyst estimates of $678.91 million. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.73 earnings per share for the current fiscal year.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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