Van ECK Associates Corp Has $308.72 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Van ECK Associates Corp boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,267,528 shares of the software maker’s stock after acquiring an additional 106,253 shares during the period. Van ECK Associates Corp’s holdings in Fortinet were worth $308,716,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of FTNT. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter worth $46,000. Finally, R Squared Ltd bought a new position in Fortinet during the fourth quarter worth $65,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Wedbush boosted their price objective on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group upped their target price on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.77.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $107.70 on Thursday. The business’s 50-day simple moving average is $98.12 and its 200 day simple moving average is $85.82. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market cap of $82.55 billion, a price-to-earnings ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $110.99.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current year.

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.