Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,975 shares of the software maker's stock after selling 3,808 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Fortinet were worth $2,643,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. grew its stake in Fortinet by 1.1% in 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 purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of 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 last quarter. Invesco Ltd. raised its position in shares of 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 during the fourth quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

FTNT stock traded up $0.45 on Thursday, reaching $104.21. 4,085,679 shares of the company's stock were exchanged, compared to its average volume of 5,077,152. The stock has a fifty day moving average of $98.68 and a 200-day moving average of $96.44. The firm has a market cap of $80.13 billion, a PE ratio of 46.11, a P/E/G ratio of 4.19 and a beta of 1.09. 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, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Raymond James restated a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. UBS Group set a $123.00 price target on Fortinet in a report on Tuesday, March 18th. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research report on Friday, February 7th. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. Finally, Cantor Fitzgerald dropped their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $104.77.

Insider Buying and Selling

In related news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred 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 transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom bought 328 shares of the stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 576,944 shares of company stock worth $56,944,064 in the last quarter. Company insiders own 18.00% 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.