Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,926,924 shares of the software maker’s stock after buying an additional 438,476 shares during the period. Van ECK Associates Corp owned approximately 0.38% of Fortinet worth $171,313,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FTNT. Headinvest LLC acquired a new position in Fortinet in the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Fortinet during the 3rd quarter worth about $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at about $43,000. Finally, CVA Family Office LLC acquired a new stake in Fortinet during the fourth quarter worth about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 in the last three months. 17.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent analyst reports. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a report on Wednesday, February 7th. Scotiabank upped their price target on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. Piper Sandler reissued a “neutral” rating and issued a $75.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. 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 target price for the company. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Fortinet Trading Down 0.0 %

NASDAQ FTNT traded down $0.03 during trading hours on Tuesday, reaching $64.27. The company had a trading volume of 997,838 shares, compared to its average volume of 5,695,531. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $49.04 billion, a P/E ratio of 44.34, a price-to-earnings-growth ratio of 2.85 and a beta of 1.08. The stock has a 50-day moving average of $67.88 and a 200 day moving average of $61.83. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

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.