Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 25.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 140,218 shares of the software maker’s stock after selling 48,295 shares during the quarter. Pacer Advisors Inc.’s holdings in Fortinet were worth $8,207,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Penserra Capital Management LLC raised its position in shares of Fortinet by 6.6% in the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after buying an additional 41 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after acquiring an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC lifted its stake in Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC grew its position in shares of Fortinet by 3.7% in the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $67.27 on Thursday. 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 firm’s fifty day simple moving average is $67.98 and its 200-day simple moving average is $60.70. The firm has a market capitalization of $51.33 billion, a price-to-earnings ratio of 46.39, a PEG ratio of 3.01 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating 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 last year, the firm earned $0.38 earnings per share. Fortinet’s quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Susquehanna boosted their price objective on Fortinet from $55.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a report on Thursday, February 8th. UBS Group lifted their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Wedbush increased their price target on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their price target for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $71.55.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 154,880 shares of company stock worth $10,233,981 over the last 90 days. 17.54% of the stock is 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.