Vinva Investment Management Ltd Sells 98,344 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Vinva Investment Management Ltd lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 60.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 63,675 shares of the software maker’s stock after selling 98,344 shares during the period. Vinva Investment Management Ltd’s holdings in Fortinet were worth $6,057,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. OneDigital Investment Advisors LLC lifted its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of Fortinet by 2.2% during the third quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after buying an additional 3,836 shares in the last quarter. Claro Advisors LLC acquired a new stake in shares of Fortinet during the third quarter worth $487,000. Aviance Capital Partners LLC acquired a new stake in shares of Fortinet during the third quarter worth $236,000. Finally, Pathstone Holdings LLC lifted its holdings in shares of Fortinet by 3.9% during the third quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker’s stock worth $4,525,000 after buying an additional 2,196 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $96.91 on Wednesday. The business’s 50 day simple moving average is $102.17 and its 200 day simple moving average is $92.08. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market capitalization of $74.52 billion, a PE ratio of 42.88, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

Analysts Set New Price Targets

A number of research analysts recently commented on FTNT shares. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Mizuho boosted their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $105.69.

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.