Fortinet, Inc. (NASDAQ:FTNT) Holdings Boosted by XTX Topco Ltd

XTX Topco Ltd grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 150.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,219 shares of the software maker’s stock after purchasing an additional 9,738 shares during the period. XTX Topco Ltd’s holdings in Fortinet were worth $1,532,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the 4th quarter worth approximately $27,000. Oarsman Capital Inc. raised its holdings in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC acquired a new stake in Fortinet during the fourth quarter valued at $43,000. Golden State Wealth Management LLC acquired a new position in Fortinet in the 4th quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the 4th quarter worth about $56,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FTNT shares. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Stifel Nicolaus lifted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Royal Bank of Canada upped their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $105.77.

Fortinet Price Performance

Shares of Fortinet stock opened at $96.85 on Tuesday. The firm has a market cap of $74.48 billion, a P/E ratio of 42.85, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The firm’s 50-day simple moving average is $101.56 and its 200-day simple moving average is $94.86. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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

Fortinet Company Profile

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.