Shelton Capital Management Sells 100,446 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Shelton Capital Management decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 31.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 217,517 shares of the software maker's stock after selling 100,446 shares during the quarter. Shelton Capital Management's holdings in Fortinet were worth $20,551,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FTNT. Norges Bank bought a new stake in shares of Fortinet in the 4th quarter worth $724,048,000. Schroder Investment Management Group bought a new stake in Fortinet in the 4th quarter worth about $389,867,000. FMR LLC increased its stake in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after buying an additional 2,000,888 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTNT. Piper Sandler reiterated an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Citigroup lifted their target price on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Jefferies Financial Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $105.77.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 owns 4,736 shares of the company's stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 over the last quarter. 18.00% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $1.41 on Friday, hitting $97.73. The company's stock had a trading volume of 5,502,704 shares, compared to its average volume of 5,074,365. The company has a market capitalization of $75.15 billion, a PE ratio of 43.24, a PEG ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a 50-day simple moving average of $101.72 and a 200 day simple moving average of $94.72. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.