DRW Securities LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

DRW Securities LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,736 shares of the software maker's stock, valued at approximately $542,000.

A number of other large investors have also recently made changes to their positions in the company. Orion Portfolio Solutions LLC boosted its holdings in Fortinet by 3.5% in the third quarter. Orion Portfolio Solutions LLC now owns 12,442 shares of the software maker's stock valued at $965,000 after purchasing an additional 416 shares in the last quarter. MML Investors Services LLC lifted its position in shares of Fortinet by 13.0% during the 3rd quarter. MML Investors Services LLC now owns 45,710 shares of the software maker's stock valued at $3,545,000 after acquiring an additional 5,263 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Fortinet by 6.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 282,990 shares of the software maker's stock valued at $21,946,000 after acquiring an additional 17,073 shares during the last quarter. MidWestOne Financial Group Inc. purchased a new stake in Fortinet in the 3rd quarter valued at approximately $224,000. Finally, Geode Capital Management LLC grew 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 valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 1.5 %

Shares of Fortinet stock traded up $1.45 on Tuesday, hitting $98.30. 1,010,865 shares of the company's stock traded hands, compared to its average volume of 5,056,668. The company has a market capitalization of $75.59 billion, a price-to-earnings ratio of 43.50, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a fifty day moving average of $101.56 and a two-hundred day moving average of $94.86.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FTNT. Robert W. Baird reiterated a "neutral" rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Royal Bank of Canada lifted their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Friday, February 7th. Jefferies Financial Group dropped their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Finally, Stephens assumed coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price for the company. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average target price of $105.77.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was 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 directly owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the company'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 transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.