Tobam Sells 1,525 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Tobam cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 48.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,644 shares of the software maker’s stock after selling 1,525 shares during the period. Tobam’s holdings in Fortinet were worth $99,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after acquiring an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB boosted its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Fortinet by 7.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock valued at $273,023,000 after buying an additional 283,339 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Fortinet during the fourth quarter valued at about $203,501,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Royal Bank of Canada boosted their price objective on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday. Rosenblatt Securities reduced their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $71.31.

Fortinet Trading Up 0.6 %

Shares of NASDAQ:FTNT opened at $76.71 on Friday. The company has a market cap of $58.60 billion, a price-to-earnings ratio of 50.14, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $77.18. The company has a 50-day moving average price of $64.06 and a 200-day moving average price of $64.53.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. During the same quarter in the prior year, the company posted $0.31 EPS. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William H. Neukom purchased 586 shares of Fortinet stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold a total of 115,608 shares of company stock worth $7,132,649 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.