Wedge Capital Management L L P NC Buys 129,502 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wedge Capital Management L L P NC raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,351,458 shares of the software maker's stock after buying an additional 129,502 shares during the period. Fortinet makes up approximately 1.4% of Wedge Capital Management L L P NC's holdings, making the stock its 9th largest holding. Wedge Capital Management L L P NC owned about 0.18% of Fortinet worth $79,101,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FTNT. Headinvest LLC purchased a new position in Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $37,000. Rakuten Securities Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Finally, CVA Family Office LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.29 during midday trading on Monday, hitting $63.69. The company's stock had a trading volume of 3,629,192 shares, compared to its average volume of 5,880,721. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm's fifty day moving average price is $68.37 and its 200-day moving average price is $61.64. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The firm has a market cap of $48.60 billion, a P/E ratio of 43.92, a P/E/G ratio of 2.81 and a beta of 1.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company's quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 EPS. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company's stock, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the business's stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of the business's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last ninety days. Company insiders own 17.54% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on FTNT shares. Stifel Nicolaus increased their price target on shares of Fortinet from $52.00 to $78.00 and gave the company a "hold" rating in a research report on Wednesday, February 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Mizuho lifted their price target on shares of Fortinet from $60.00 to $70.00 and gave the company a "neutral" rating in a report on Wednesday, February 7th. Piper Sandler reiterated a "neutral" rating and issued a $75.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $72.19.

Fortinet 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.