14,251 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Virtus ETF Advisers LLC

Virtus ETF Advisers LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 14,251 shares of the software maker's stock, valued at approximately $1,346,000. Fortinet comprises approximately 0.5% of Virtus ETF Advisers LLC's holdings, making the stock its 16th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. raised its position in shares of Fortinet by 188.9% in 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 in the last quarter. Graney & King LLC bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $43,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $56,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Rosenblatt Securities increased their price target on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Wells Fargo & Company increased their price target on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group decreased their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $104.77.

Fortinet Stock Up 1.5 %

FTNT traded up $1.54 on Thursday, reaching $105.30. 1,912,384 shares of the company traded hands, compared to its average volume of 5,065,810. The stock's 50 day moving average price is $98.77 and its 200-day moving average price is $96.29. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a market cap of $80.97 billion, a price-to-earnings ratio of 46.59, 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now directly 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 position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 576,944 shares of company stock valued at $56,944,064 in the last 90 days. 18.00% of the stock is currently owned by company 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.