First Trust Advisors LP Sells 199,419 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First Trust Advisors LP decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,109,927 shares of the software maker's stock after selling 199,419 shares during the quarter. First Trust Advisors LP owned 0.67% of Fortinet worth $482,786,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Fortinet in the fourth quarter valued at about $724,048,000. Schroder Investment Management Group acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $389,867,000. FMR LLC boosted its stake in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Fortinet by 72.6% during the 4th 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 in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock valued at $56,944,064 in the last ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 3.7 %

Fortinet stock traded up $3.61 during trading on Thursday, hitting $100.61. 1,998,011 shares of the company were exchanged, compared to its average volume of 5,072,749. The company has a market capitalization of $77.36 billion, a P/E ratio of 44.55, a PEG ratio of 4.19 and a beta of 1.09. The business's 50 day moving average is $99.80 and its 200 day moving average is $95.52. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. 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 issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

FTNT has been the topic of a number of research reports. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research report on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One 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 given a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $104.77.

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.