Vinva Investment Management Ltd Sells 98,344 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Vinva Investment Management Ltd trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 60.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,675 shares of the software maker's stock after selling 98,344 shares during the quarter. Vinva Investment Management Ltd's holdings in Fortinet were worth $6,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank acquired a new stake in Fortinet in the fourth quarter worth approximately $670,000. LVM Capital Management Ltd. MI lifted its stake in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after buying an additional 8,707 shares in the last quarter. Trilogy Capital Inc. increased its position in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. raised its holdings in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock valued at $28,343,000 after acquiring an additional 169,530 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $10,343,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Fortinet stock traded up $0.20 during mid-day trading on Friday, reaching $98.65. The company had a trading volume of 5,778,320 shares, compared to its average volume of 4,802,157. The company has a 50 day moving average of $102.34 and a 200-day moving average of $92.42. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97.

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Fortinet (NASDAQ:FTNT - Get Free Report) last released its 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 return on equity of 256.53% and a net margin of 29.30%. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were 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 of the company's stock, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 328 shares of the business's stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. Company insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Friday. Scotiabank upped their target price on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a report on Friday, February 7th. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Finally, KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $105.69.

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.