Meeder Advisory Services Inc. Sells 1,251 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Meeder Advisory Services Inc. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 13.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,814 shares of the software maker’s stock after selling 1,251 shares during the period. Meeder Advisory Services Inc.’s holdings in Fortinet were worth $457,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of FTNT. Moneta Group Investment Advisors LLC raised its position in shares of Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after purchasing an additional 14,586,086 shares during the period. Norges Bank bought a new stake in Fortinet during the 4th quarter worth approximately $312,964,000. Nordea Investment Management AB increased its holdings in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares during the period. Finally, DSM Capital Partners LLC bought a new stake in Fortinet during the 3rd quarter worth approximately $75,698,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold 108,147 shares of company stock worth $7,424,394 over the last three months. 17.54% of the stock is owned by corporate insiders.

Fortinet Trading Down 3.6 %

Shares of FTNT opened at $68.39 on Tuesday. The stock has a market capitalization of $52.18 billion, a PE ratio of 47.17, a P/E/G ratio of 3.15 and a beta of 1.08. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company’s fifty day moving average is $68.77 and its 200 day moving average is $61.12.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a report on Wednesday, February 7th. Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research note on Tuesday, February 13th. Wedbush boosted their price target on shares of Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, December 11th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $72.35.

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.