Fortinet, Inc. (NASDAQ:FTNT) Position Trimmed by Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria S.A. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 266,057 shares of the software maker's stock after selling 14,485 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Fortinet were worth $25,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter valued at $27,000. Oarsman Capital Inc. grew its holdings in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet during the fourth quarter worth about $43,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at about $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $56,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company's stock, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock worth $56,944,064 over the last 90 days. Insiders own 18.00% of the company's stock.

Fortinet Stock Up 1.3 %

FTNT traded up $1.30 during trading on Tuesday, hitting $103.94. The company had a trading volume of 1,062,304 shares, compared to its average volume of 5,064,669. 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 $79.92 billion, a PE ratio of 45.87, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The business has a 50-day moving average of $99.09 and a 200-day moving average of $96.18.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 return on equity of 256.53% and a net margin of 29.30%. As a group, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on FTNT shares. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet 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 report on Friday, January 17th. Raymond James reissued a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $104.77.

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.