Voya Investment Management LLC Sells 399,442 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Voya Investment Management LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 15.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,145,630 shares of the software maker's stock after selling 399,442 shares during the period. Voya Investment Management LLC owned about 0.28% of Fortinet worth $202,719,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. First Hawaiian Bank bought a new stake in Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its stake in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Trilogy Capital Inc. raised its holdings in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its position in Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock valued at $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Finally, Milestone Asset Management LLC purchased a new stake in Fortinet in the fourth quarter worth about $1,690,000. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent research reports. Raymond James reiterated a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Citigroup raised their price target on Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Finally, Cantor Fitzgerald cut their target price 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $104.77.

Fortinet Trading Up 1.3 %

Shares of FTNT traded up $1.30 during mid-day trading on Tuesday, reaching $103.94. 1,062,304 shares of the company's stock traded hands, compared to its average volume of 5,064,714. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market cap of $79.92 billion, a P/E ratio of 45.87, a P/E/G ratio of 4.19 and a beta of 1.09. The stock's 50-day moving average is $99.09 and its two-hundred day moving average is $96.18.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its 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 return on equity of 256.53% and a net margin of 29.30%. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction 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 approximately $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock valued at $56,944,064 in the last three months. Company insiders own 18.00% of the company's stock.

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.