Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Teza Capital Management LLC

Teza Capital Management LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 86.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,555 shares of the software maker's stock after acquiring an additional 13,683 shares during the quarter. Teza Capital Management LLC's holdings in Fortinet were worth $2,792,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. True Wealth Design LLC boosted its holdings in Fortinet by 12.6% during the 4th quarter. True Wealth Design LLC now owns 1,772 shares of the software maker's stock valued at $167,000 after acquiring an additional 198 shares during the period. State of Wyoming lifted its holdings in shares of Fortinet by 203.5% in the 4th quarter. State of Wyoming now owns 8,883 shares of the software maker's stock worth $839,000 after buying an additional 5,956 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Fortinet by 6.7% in the 4th quarter. Toronto Dominion Bank now owns 381,766 shares of the software maker's stock worth $36,068,000 after buying an additional 24,132 shares during the period. Raiffeisen Bank International AG purchased a new stake in shares of Fortinet in the 4th quarter worth $1,415,000. Finally, ProShare Advisors LLC lifted its holdings in shares of Fortinet by 19.3% in the 4th quarter. ProShare Advisors LLC now owns 1,011,561 shares of the software maker's stock worth $95,572,000 after buying an additional 163,434 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now 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 legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were 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 of the company's stock, valued at approximately $517,076.48. This represents a 78.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT stock traded down $1.95 during mid-day trading on Wednesday, reaching $102.84. The stock had a trading volume of 4,419,460 shares, compared to its average volume of 4,967,963. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year 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. The firm has a market cap of $78.72 billion, a price-to-earnings ratio of 45.50, a PEG ratio of 4.19 and a beta of 1.16. The business's fifty day moving average is $98.89 and its 200-day moving average is $98.65.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its 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 firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company's revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.43 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FTNT. Royal Bank of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Stifel Nicolaus lowered their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Piper Sandler reiterated an "overweight" rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Wells Fargo & Company reduced their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.80.

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.