Vontobel Holding Ltd. Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Vontobel Holding Ltd. boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 507,306 shares of the software maker's stock after purchasing an additional 34,582 shares during the period. Vontobel Holding Ltd. owned about 0.07% of Fortinet worth $29,693,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker's stock worth $133,738,000 after purchasing an additional 76,027 shares during the period. Raymond James Trust N.A. increased its holdings in shares of Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker's stock worth $779,000 after purchasing an additional 441 shares during the period. Zions Bancorporation N.A. increased its holdings in shares of Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker's stock worth $147,000 after purchasing an additional 73 shares during the period. Brown Brothers Harriman & Co. increased its holdings in shares of Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker's stock worth $530,000 after purchasing an additional 1,049 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker's stock worth $56,000 after purchasing an additional 57 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of the firm's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ken Xie sold 46,084 shares of the firm's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 108,147 shares of company stock valued at $7,424,394 over the last 90 days. Corporate insiders own 17.54% of the company's stock.

Fortinet Stock Down 2.6 %

Shares of NASDAQ FTNT traded down $1.72 on Monday, reaching $64.73. 4,909,860 shares of the company's stock traded hands, compared to its average volume of 6,041,216. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The business's 50 day simple moving average is $68.89 and its two-hundred day simple moving average is $61.43. The company has a market cap of $49.39 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 2.95 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on FTNT shares. Capital One Financial lowered shares of Fortinet from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, January 17th. Stifel Nicolaus upped their target price on shares of Fortinet from $52.00 to $78.00 and gave the stock a "hold" rating in a research report on Wednesday, February 7th. UBS Group upped their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 10th. Mizuho upped their target price on shares of Fortinet from $60.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 7th. Finally, Morgan Stanley upped their target price on shares of Fortinet from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $72.35.

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.