Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 470,556 shares of the software maker's stock after selling 108,327 shares during the period. Vontobel Holding Ltd. owned 0.06% of Fortinet worth $44,458,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FTNT. SeaCrest Wealth Management LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $329,000. nVerses Capital LLC bought a new stake in shares of Fortinet during the third quarter worth $1,000,000. Bleakley Financial Group LLC grew its stake in shares of Fortinet by 4.8% during the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker's stock worth $672,000 after buying an additional 399 shares during the last quarter. Marshall Financial Group LLC bought a new stake in shares of Fortinet in the third quarter worth $205,000. Finally, TruWealth Advisors LLC grew its stake in shares of Fortinet by 6.0% in the third quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker's stock worth $665,000 after purchasing an additional 487 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,610 shares of company stock worth $6,083,029. Company insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of FTNT traded up $2.62 during mid-day trading on Tuesday, hitting $114.26. 6,665,290 shares of the stock were exchanged, compared to its average volume of 4,578,501. The company has a market cap of $87.57 billion, a PE ratio of 50.56, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a 50-day moving average of $99.23 and a two-hundred day moving average of $87.56. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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 the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, equities analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. Citigroup upped their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. Royal Bank of Canada increased their target price 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. Finally, Bank of America raised their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $103.72.

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.