Wellington Management Group LLP Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Wellington Management Group LLP lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,995 shares of the software maker's stock after selling 8,129 shares during the quarter. Wellington Management Group LLP's holdings in Fortinet were worth $6,897,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. Norges Bank acquired a new stake in shares of Fortinet during the 4th quarter worth about $724,048,000. Arrowstreet Capital Limited Partnership grew its stake in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares during the period. Amundi increased its stake in Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock valued at $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. Finally, Schroder Investment Management Group purchased a new position in Fortinet during the fourth quarter worth about $389,867,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the company'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 transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 576,944 shares of company stock worth $56,944,064 over the last quarter. Corporate insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective for the company. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Cantor Fitzgerald increased their target price on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Finally, Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Fortinet presently has an average rating of "Hold" and an average target price of $105.77.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $1.19 during midday trading on Wednesday, reaching $98.01. The company's stock had a trading volume of 1,159,365 shares, compared to its average volume of 5,052,426. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market cap of $75.37 billion, a P/E ratio of 43.39, a P/E/G ratio of 4.19 and a beta of 1.09. The business's 50 day moving average price is $101.45 and its two-hundred day moving average price is $94.89. 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 released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate 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.

Fortinet 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.