Allspring Global Investments Holdings LLC Has $32.57 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Allspring Global Investments Holdings LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 336,961 shares of the software maker's stock after selling 50,816 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Fortinet were worth $32,574,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. grew its stake in shares of Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after buying an additional 387,901 shares in the last quarter. Invesco Ltd. boosted its position in Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares during the last quarter. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity

In other news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Stock Up 3.0%

Fortinet stock traded up $3.06 during mid-day trading on Friday, reaching $105.27. The company's stock had a trading volume of 2,864,114 shares, compared to its average volume of 4,857,707. The business's 50 day simple moving average is $103.23 and its 200 day simple moving average is $100.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market capitalization of $80.57 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 earnings per share. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FTNT shares. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. Scotiabank lowered their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. UBS Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One 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. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $105.62.

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.