Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by 2Xideas AG

2Xideas AG lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 14.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 577,897 shares of the software maker’s stock after selling 95,078 shares during the period. Fortinet accounts for about 7.3% of 2Xideas AG’s holdings, making the stock its biggest position. 2Xideas AG owned approximately 0.08% of Fortinet worth $54,600,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the period. Geode Capital Management LLC increased its stake in Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after buying an additional 387,901 shares during the period. Norges Bank purchased a new position in Fortinet during the 4th quarter worth $724,048,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after acquiring an additional 2,151,811 shares during the period. Finally, Amundi boosted its holdings in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. UBS Group set a $123.00 price objective on Fortinet in a report on Tuesday, March 18th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities increased their price target on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $105.77.

Insider Activity

In other news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 5.3 %

Shares of FTNT opened at $84.71 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company’s fifty day moving average is $102.59 and its two-hundred day moving average is $93.87. The firm has a market cap of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

About Fortinet

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.