Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.8% during the fourth quarter, Holdings Channel reports. The firm owned 1,492,200 shares of the software maker’s stock after purchasing an additional 133,003 shares during the period. Victory Capital Management Inc.’s holdings in Fortinet were worth $140,983,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new position in shares of Fortinet in the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI increased its holdings 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 valued at $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC increased its holdings in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the period. Trilogy Capital Inc. increased its holdings in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. increased its holdings in shares of Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after acquiring an additional 169,530 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the company’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 transaction, the chief financial officer now directly 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. In the last quarter, insiders sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 0.3 %

Shares of FTNT stock opened at $106.80 on Thursday. The firm has a 50-day moving average price of $101.69 and a 200 day moving average price of $90.45. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market capitalization of $82.13 billion, a price-to-earnings ratio of 47.26, a PEG ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Wedbush boosted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

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.