Van ECK Associates Corp Has $254.07 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Van ECK Associates Corp reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 45.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,161,275 shares of the software maker’s stock after selling 2,594,324 shares during the quarter. Van ECK Associates Corp’s holdings in Fortinet were worth $254,071,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Mission Wealth Management LP increased its stake in shares of Fortinet by 30.0% in the first quarter. Mission Wealth Management LP now owns 5,753 shares of the software maker’s stock worth $393,000 after acquiring an additional 1,329 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Fortinet by 7.5% in the first quarter. Janney Montgomery Scott LLC now owns 263,267 shares of the software maker’s stock worth $17,984,000 after acquiring an additional 18,388 shares during the last quarter. PDS Planning Inc acquired a new position in shares of Fortinet in the first quarter worth $200,000. Fidelis Capital Partners LLC acquired a new position in shares of Fortinet in the first quarter worth $195,000. Finally, Mendel Money Management acquired a new position in shares of Fortinet in the first quarter worth $222,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ:FTNT traded up $0.14 during mid-day trading on Friday, hitting $78.80. The company’s stock had a trading volume of 4,055,570 shares, compared to its average volume of 3,621,800. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company has a market capitalization of $60.27 billion, a price-to-earnings ratio of 46.63, a P/E/G ratio of 2.77 and a beta of 1.00. The stock has a fifty day moving average of $78.06 and a 200-day moving average of $67.48.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FTNT. Truist Financial upped their price objective on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Barclays upped their price objective on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Scotiabank upped their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $74.68.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 70,538 shares of company stock valued at $5,403,559. Corporate insiders own 18.00% of the company’s stock.

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.