Vinva Investment Management Ltd Has $6.06 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Vinva Investment Management Ltd decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 60.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,675 shares of the software maker’s stock after selling 98,344 shares during the period. Vinva Investment Management Ltd’s holdings in Fortinet were worth $6,057,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. State Street Corp raised its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC raised its holdings in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Amundi raised its holdings in Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after purchasing an additional 156,766 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $96.91 on Wednesday. The stock has a market capitalization of $74.52 billion, a P/E ratio of 42.88, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a 50 day moving average of $102.17 and a 200-day moving average of $92.08. 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 released its earnings results 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 net margin of 29.30% and a return on equity of 256.53%. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on FTNT. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Citigroup upped their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $105.69.

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.