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

ProShare Advisors LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,011,561 shares of the software maker’s stock after acquiring an additional 163,434 shares during the period. ProShare Advisors LLC owned approximately 0.13% of Fortinet worth $95,572,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. increased its position in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC acquired a new position in shares of Fortinet during the 4th quarter valued at $43,000. Banque Transatlantique SA acquired a new position in shares of Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the 4th quarter worth $46,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock valued at $74,135,907 over the last quarter. 17.20% of the stock is currently owned by insiders.

Fortinet Stock Down 0.6%

Shares of FTNT stock opened at $102.56 on Friday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock’s fifty day moving average price is $98.40 and its 200 day moving average price is $97.98. 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 market cap of $78.50 billion, a price-to-earnings ratio of 45.38, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FTNT. Stephens began coverage on Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price on the stock. Stifel Nicolaus decreased their target price on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. Wolfe Research initiated coverage on Fortinet in a report on Monday. They issued a “peer perform” rating on the stock. UBS Group decreased their target price on Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald decreased their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $104.80.

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.