World Investment Advisors Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

World Investment Advisors purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,114 shares of the software maker's stock, valued at approximately $294,000.

A number of other institutional investors have also recently bought and sold shares of the stock. First Hawaiian Bank purchased a new position in Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI lifted its holdings in Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after buying an additional 8,707 shares in the last quarter. Trilogy Capital Inc. grew its stake in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. increased its position 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 worth $28,343,000 after acquiring an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC acquired a new position in shares of Fortinet in the fourth quarter worth about $1,690,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.2 %

NASDAQ:FTNT traded up $0.17 during mid-day trading on Monday, hitting $97.90. The company had a trading volume of 501,114 shares, compared to its average volume of 5,056,669. 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 firm has a market cap of $75.28 billion, a P/E ratio of 43.32, a P/E/G ratio of 4.19 and a beta of 1.09. The business's fifty day moving average is $101.72 and its two-hundred day moving average is $94.72. 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 announced its quarterly 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 net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FTNT. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a report on Thursday, December 19th. UBS Group set a $123.00 target price on Fortinet in a report on Tuesday, March 18th. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Rosenblatt Securities increased their price target on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Morgan Stanley assumed coverage on Fortinet in a research report on Tuesday, March 18th. They set an "overweight" rating and a $123.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $105.77.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 326,784 shares of Fortinet 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 completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by corporate insiders.

About Fortinet

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.