Wellington Management Group LLP Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Wellington Management Group LLP lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 72,995 shares of the software maker’s stock after selling 8,129 shares during the quarter. Wellington Management Group LLP’s holdings in Fortinet were worth $6,897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Orion Portfolio Solutions LLC raised its position in Fortinet by 3.5% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,442 shares of the software maker’s stock worth $965,000 after buying an additional 416 shares during the last quarter. MML Investors Services LLC raised its holdings in Fortinet by 13.0% during the third quarter. MML Investors Services LLC now owns 45,710 shares of the software maker’s stock worth $3,545,000 after purchasing an additional 5,263 shares in the last quarter. Coldstream Capital Management Inc. lifted its position in Fortinet by 10.5% in the third quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock valued at $919,000 after purchasing an additional 1,100 shares during the period. Toronto Dominion Bank boosted its holdings in Fortinet by 2.2% in the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after purchasing an additional 7,769 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its position in Fortinet by 28.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after purchasing an additional 1,733 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price target for the company. Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Susquehanna increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $105.77.

Fortinet Price Performance

Fortinet stock opened at $96.32 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $74.07 billion, a P/E ratio of 42.62, a PEG ratio of 4.19 and a beta of 1.09. The firm has a fifty day moving average of $101.82 and a 200-day moving average of $94.46. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS 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%. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm’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 sale, the vice president now 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 disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 in the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Company 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.