Wellington Management Group LLP Has $6.90 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Wellington Management Group LLP cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 72,995 shares of the software maker's stock after selling 8,129 shares during the quarter. Wellington Management Group LLP's holdings in Fortinet were worth $6,897,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FTNT. Trilogy Capital Inc. raised its stake in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after buying an additional 3,544 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after acquiring an additional 544,357 shares during the period. Jackson Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter worth approximately $4,731,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Fortinet by 34.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker's stock worth $22,680,000 after purchasing an additional 60,249 shares during the period. Finally, Apollon Wealth Management LLC increased its holdings in shares of Fortinet by 101.7% during the 4th quarter. Apollon Wealth Management LLC now owns 30,857 shares of the software maker's stock valued at $2,915,000 after purchasing an additional 15,561 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.66 during trading on Friday, reaching $105.16. The company's stock had a trading volume of 1,469,880 shares, compared to its average volume of 4,960,198. The business has a 50 day moving average price of $100.02 and a 200-day moving average price of $99.69. 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 $80.49 billion, a P/E ratio of 46.51, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly 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 company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the firm earned $0.43 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 697,818 shares of company stock valued at $69,539,128 over the last 90 days. Corporate insiders own 18.00% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. KeyCorp reduced their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Stifel Nicolaus dropped their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Roth Capital set a $103.00 price target on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Finally, Morgan Stanley reduced their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $104.80.

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.