ProShare Advisors LLC Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

ProShare Advisors LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 19.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,011,561 shares of the software maker's stock after purchasing an additional 163,434 shares during the quarter. ProShare Advisors LLC owned 0.13% of Fortinet worth $95,572,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the fourth quarter valued at $27,000. Oarsman Capital Inc. increased its stake in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the period. Graney & King LLC purchased a new position in shares of Fortinet during the fourth quarter valued at $43,000. Banque Transatlantique SA purchased a new position in shares of Fortinet during the fourth quarter valued at $43,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of Fortinet stock traded up $0.16 on Monday, reaching $104.75. 3,562,008 shares of the stock were exchanged, compared to its average volume of 4,966,315. The business has a 50 day moving average price of $98.53 and a two-hundred day moving average price of $98.43. 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 firm has a market capitalization of $80.18 billion, a price-to-earnings ratio of 46.35, a PEG ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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 analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $0.43 earnings per share. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 738,978 shares of company stock worth $74,135,907. 17.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on FTNT shares. Roth Capital set a $103.00 price target on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Robert W. Baird raised their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. UBS Group dropped their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target 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.