Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Vise Technologies Inc.

Vise Technologies Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 31.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,268 shares of the software maker's stock after purchasing an additional 2,698 shares during the quarter. Vise Technologies Inc.'s holdings in Fortinet were worth $1,065,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position 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 acquiring an additional 730,994 shares during the last quarter. Geode Capital Management LLC increased its holdings in Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. increased its holdings 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 purchasing an additional 2,000,888 shares during the last quarter. Norges Bank acquired a new stake in shares of Fortinet in the fourth quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Fortinet by 39.3% in the fourth 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 in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $0.23 during trading hours on Wednesday, reaching $104.51. The stock had a trading volume of 3,736,429 shares, compared to its average volume of 4,972,454. The firm has a market cap of $79.99 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 4.19 and a beta of 1.16. 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, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm has a 50-day moving average of $99.52 and a 200-day moving average of $99.38.

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

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research reports. BMO Capital Markets dropped their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Cantor Fitzgerald dropped their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. UBS Group dropped their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $104.80.

Insider Buying and Selling

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This trade represents a 2.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 206,000 shares of the firm's 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 completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock worth $69,539,128 in the last 90 days. Company insiders own 17.20% of the company's stock.

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.