Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 42.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 647,222 shares of the software maker's stock after selling 481,252 shares during the quarter. Voloridge Investment Management LLC owned about 0.08% of Fortinet worth $61,150,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings 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 worth $6,435,550,000 after purchasing an additional 730,994 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the period. Invesco Ltd. lifted its holdings in shares of Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the period. Norges Bank acquired a new stake in shares of Fortinet during the fourth quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 0.0%

Fortinet stock opened at $104.79 on Wednesday. The stock has a market cap of $80.21 billion, a PE ratio of 46.37, a P/E/G ratio of 4.19 and a beta of 1.16. The stock has a 50-day moving average price of $98.89 and a 200 day moving average price of $98.65. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 715,478 shares of company stock valued at $71,467,247. Insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTNT. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities upped their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Wolfe Research started coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Finally, Wells Fargo & Company lowered their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average price target 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.

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