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

Victory Capital Management Inc. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 16.9% in the fourth quarter, HoldingsChannel reports. The firm owned 1,161,262 shares of the software maker’s stock after selling 236,712 shares during the quarter. Victory Capital Management Inc.’s holdings in Fortinet were worth $67,969,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Savant Capital LLC increased its holdings in Fortinet by 56.7% during the 4th quarter. Savant Capital LLC now owns 5,937 shares of the software maker’s stock worth $347,000 after purchasing an additional 2,149 shares during the period. Kestra Private Wealth Services LLC increased its stake in shares of Fortinet by 5.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 15,856 shares of the software maker’s stock worth $928,000 after buying an additional 869 shares during the period. Van ECK Associates Corp raised its holdings in Fortinet by 17.6% in the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after acquiring an additional 438,476 shares in the last quarter. Dover Advisors LLC purchased a new stake in shares of Fortinet during the 4th quarter worth $226,000. Finally, Silver Oak Securities Incorporated lifted its holdings in Fortinet by 1,591.4% during the 4th quarter. Silver Oak Securities Incorporated now owns 3,349 shares of the software maker’s stock worth $196,000 after buying an additional 3,151 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on FTNT. BMO Capital Markets dropped their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Morgan Stanley decreased their price objective on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday. HSBC cut their target price on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research report on Friday. Finally, Sanford C. Bernstein began coverage on Fortinet in a research note on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $70.68.

Fortinet Price Performance

Fortinet stock opened at $58.88 on Friday. The company has a market cap of $44.94 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The business has a fifty day moving average of $67.53 and a two-hundred day moving average of $61.90. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 in the last quarter. 17.54% of the stock is currently owned by corporate 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.