Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Aviva PLC

Aviva PLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 390,529 shares of the software maker's stock after selling 172,216 shares during the quarter. Aviva PLC owned about 0.05% of Fortinet worth $36,897,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Manchester Capital Management LLC boosted its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC increased its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its position in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Fortinet stock traded up $0.81 during mid-day trading on Friday, reaching $97.13. The company's stock had a trading volume of 1,875,449 shares, compared to its average volume of 5,052,077. The firm has a market cap of $74.69 billion, a price-to-earnings ratio of 42.86, a PEG ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business has a 50 day moving average price of $101.82 and a 200-day moving average price of $94.46. 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 (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares of the company's stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % 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 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. The Goldman Sachs Group upped their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. Robert W. Baird reaffirmed a "neutral" rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price for the company. Finally, Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $105.77.

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.