Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by XTX Topco Ltd

XTX Topco Ltd lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 150.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,219 shares of the software maker's stock after acquiring an additional 9,738 shares during the period. XTX Topco Ltd's holdings in Fortinet were worth $1,532,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Manchester Capital Management LLC raised its stake in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC boosted its holdings in Fortinet by 1.4% in 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 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after buying an additional 116 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on FTNT shares. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. UBS Group set a $123.00 target price on shares of Fortinet in a research report on Tuesday, March 18th. Cantor Fitzgerald increased their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 4th. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. Finally, Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus target price of $105.17.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.06 on Friday, reaching $96.13. The company's stock had a trading volume of 2,979,093 shares, compared to its average volume of 5,076,736. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a market capitalization of $73.92 billion, a P/E ratio of 42.54, a PEG ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average price of $100.95 and a 200-day moving average price of $95.03.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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 expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of the firm's 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 transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 576,944 shares of company stock worth $56,944,064. Corporate insiders own 18.00% of the company's stock.

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.