Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 42.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 647,222 shares of the software maker’s stock after selling 481,252 shares during the quarter. Voloridge Investment Management LLC’s holdings in Fortinet were worth $61,150,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock valued at $792,564,000 after purchasing an additional 2,000,888 shares in the last quarter. Norges Bank acquired a new position in shares of Fortinet in the 4th quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FTNT shares. The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Morgan Stanley reduced their price target on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $104.79 on Wednesday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $80.21 billion, a price-to-earnings ratio of 46.37, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The business has a 50 day simple moving average of $98.89 and a 200-day simple moving average of $98.65.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $0.43 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction 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 $1,079,876,675.56. This represents a 2.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. The trade was a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is currently owned by insiders.

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.