Vident Advisory LLC Has $38.54 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Vident Advisory LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 407,878 shares of the software maker’s stock after acquiring an additional 7,989 shares during the period. Fortinet accounts for 0.7% of Vident Advisory LLC’s holdings, making the stock its 28th largest position. Vident Advisory LLC’s holdings in Fortinet were worth $38,536,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FTNT. Norges Bank acquired a new stake in Fortinet during the fourth quarter worth approximately $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet during the fourth quarter worth approximately $389,867,000. FMR LLC increased its holdings in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after purchasing an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. increased its holdings in shares of Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after purchasing an additional 2,064,016 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FTNT shares. Morgan Stanley lowered their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price objective on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Stephens started coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. Finally, Jefferies Financial Group decreased their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Trading Up 2.0%

NASDAQ FTNT opened at $104.59 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company’s 50-day moving average price is $98.53 and its 200-day moving average price is $98.43. The stock has a market cap of $80.05 billion, a PE ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. Equities research 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.