Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lifted by Van ECK Associates Corp

Van ECK Associates Corp increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,267,528 shares of the software maker’s stock after acquiring an additional 106,253 shares during the quarter. Van ECK Associates Corp owned approximately 0.43% of Fortinet worth $308,716,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its position in shares of Fortinet by 154.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 387,777 shares of the software maker’s stock worth $36,742,000 after purchasing an additional 235,245 shares during the period. Lester Murray Antman dba SimplyRich bought a new position in Fortinet during the 4th quarter worth $320,000. Davidson Capital Management Inc. increased its position in Fortinet by 3.5% in the fourth quarter. Davidson Capital Management Inc. now owns 43,681 shares of the software maker’s stock worth $4,127,000 after buying an additional 1,467 shares during the period. Shaker Investments LLC OH lifted its stake in Fortinet by 34.8% in the fourth quarter. Shaker Investments LLC OH now owns 46,330 shares of the software maker’s stock valued at $4,377,000 after buying an additional 11,962 shares during the last quarter. Finally, Weatherly Asset Management L. P. boosted its holdings in shares of Fortinet by 0.6% during the fourth quarter. Weatherly Asset Management L. P. now owns 116,146 shares of the software maker’s stock valued at $10,973,000 after acquiring an additional 643 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, 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. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $107.70 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market capitalization of $82.55 billion, a price-to-earnings ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. The business’s 50-day moving average is $98.12 and its 200-day moving average is $85.82. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $110.99.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities research analysts expect that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Citigroup boosted their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Mizuho raised their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $102.77.

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.