Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 31.0% in the 4th quarter, Holdings Channel reports. The firm owned 24,711 shares of the software maker’s stock after purchasing an additional 5,845 shares during the period. Exchange Traded Concepts LLC’s holdings in Fortinet were worth $2,335,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FTNT. FMR LLC raised its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC raised its position in shares of Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after purchasing an additional 558,807 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $96.90 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The stock has a market capitalization of $74.27 billion, a PE ratio of 48.94, a P/E/G ratio of 2.58 and a beta of 1.00. The firm has a 50 day moving average of $95.70 and a two-hundred day moving average of $81.90.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the business earned $0.35 EPS. On average, research analysts predict that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on FTNT shares. Wells Fargo & Company increased their price objective on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Rosenblatt Securities increased their price objective on shares of Fortinet from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Stifel Nicolaus increased their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. TD Cowen increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group increased their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $96.83.

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.