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Pictet Asset Management Holding SA Acquires 630,369 Shares of Fortinet, Inc. $FTNT
Pictet Asset Management Holding SA significantly increased its stake in Fortinet, Inc. by 25% in Q4, purchasing an additional 630,369 shares and now holding 3,155,993 shares valued at approximately $250.7 million. This increase in institutional ownership comes despite significant insider selling from Fortinet’s VP and CEO totaling over $42 million. Fortinet reported better-than-expected Q4 earnings and revenue achievements, and analysts maintain a “Hold” rating with an average target price of $87.72 for the stock.