Fortinet, Inc. (NASDAQ:FTNT) Position Increased by Pacer Advisors Inc.

Pacer Advisors Inc. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 70.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,575 shares of the software maker's stock after acquiring an additional 93,125 shares during the quarter. Pacer Advisors Inc.'s holdings in Fortinet were worth $21,312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC raised its stake in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares during the last quarter. Versant Capital Management Inc grew its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co raised its holdings in Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock valued at $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC grew its position in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC increased its stake in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after purchasing an additional 141 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom bought 355 shares of the business's stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company's stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Company insiders own 18.00% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock traded down $0.50 during trading on Wednesday, hitting $99.33. 3,117,337 shares of the stock were exchanged, compared to its average volume of 4,074,054. The stock has a market cap of $76.13 billion, a PE ratio of 50.17, a P/E/G ratio of 2.58 and a beta of 1.00. The stock's fifty day moving average is $95.98 and its 200 day moving average is $82.45. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. 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 released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the prior year, the business posted $0.35 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on FTNT shares. Raymond James reissued a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Piper Sandler raised Fortinet from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $100.00 to $120.00 in a research report on Monday, January 6th. Scotiabank lifted their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a "sector outperform" rating in a research report on Tuesday, January 21st. The Goldman Sachs Group upped their target price on Fortinet from $100.00 to $114.00 and gave the stock a "buy" rating in a research report on Thursday, January 2nd. Finally, StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $96.83.

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.