Vident Advisory LLC Has $38.54 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Vident Advisory LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 407,878 shares of the software maker's stock after purchasing an additional 7,989 shares during the quarter. Fortinet comprises 0.7% of Vident Advisory LLC's portfolio, making the stock its 28th largest position. Vident Advisory LLC owned approximately 0.05% of Fortinet worth $38,536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in FTNT. Manchester Capital Management LLC raised its holdings in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after acquiring an additional 100 shares in the last quarter. Fielder Capital Group LLC grew its stake in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its stake in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares during the period. CIBC Private Wealth Group LLC grew its stake in shares of Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of Fortinet by 2.0% in the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after purchasing an additional 124 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 0.8%

NASDAQ:FTNT traded up $0.78 during trading hours on Thursday, hitting $103.62. 3,652,798 shares of the stock were exchanged, compared to its average volume of 4,970,390. The company's 50 day moving average is $99.03 and its two-hundred day moving average is $98.68. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $79.31 billion, a P/E ratio of 45.85, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FTNT. Cantor Fitzgerald lowered their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Jefferies Financial Group lowered their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Robert W. Baird upped their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Susquehanna upped their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Finally, KeyCorp lowered their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $104.80.

Insider Activity

In other news, CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 715,478 shares of company stock valued at $71,467,247 in the last 90 days. 17.20% of the stock is 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.