Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by 2Xideas AG

2Xideas AG cut its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 577,897 shares of the software maker's stock after selling 95,078 shares during the period. Fortinet accounts for approximately 7.3% of 2Xideas AG's portfolio, making the stock its biggest holding. 2Xideas AG owned 0.08% of Fortinet worth $54,600,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter valued at about $27,000. Oarsman Capital Inc. lifted its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the 4th quarter worth about $56,000. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on FTNT. Jefferies Financial Group decreased their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Cantor Fitzgerald increased their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Robert W. Baird reiterated a "neutral" rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $105.77.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.95 during midday trading on Friday, reaching $97.27. The company's stock had a trading volume of 2,294,325 shares, compared to its average volume of 5,053,685. The business's 50 day moving average price is $101.82 and its two-hundred day moving average price is $94.46. The company has a market cap of $74.80 billion, a P/E ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results 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%. On average, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction dated 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 sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by corporate insiders.

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.