Xponance Inc. Has $13.42 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Xponance Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,386 shares of the software maker's stock after selling 10,627 shares during the quarter. Xponance Inc.'s holdings in Fortinet were worth $13,417,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FTNT. Vanguard Group Inc. increased its position in 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 acquiring an additional 730,994 shares during the period. Geode Capital Management LLC increased its position in 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 acquiring an additional 387,901 shares during the period. Invesco Ltd. increased its position in 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 acquiring an additional 2,000,888 shares during the period. Norges Bank bought a new position in Fortinet during the fourth quarter worth about $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Fortinet by 39.3% during 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 during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on FTNT shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. BMO Capital Markets decreased their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Royal Bank Of Canada decreased their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $105.62.

Fortinet Stock Performance

NASDAQ FTNT opened at $99.06 on Friday. The firm has a market cap of $75.82 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 3.46 and a beta of 1.06. The company has a fifty day moving average price of $103.23 and a 200-day moving average price of $100.97. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

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 for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.43 earnings per share. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

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.

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