Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Forsta AP Fonden

Forsta AP Fonden decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.3% during the 2nd quarter, Holdings Channel.com reports. The fund owned 121,200 shares of the software maker’s stock after selling 15,500 shares during the period. Forsta AP Fonden’s holdings in Fortinet were worth $7,305,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the first quarter worth $25,000. Rise Advisors LLC grew its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC purchased a new stake in Fortinet during the 4th quarter worth about $25,000. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter valued at about $33,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,672 shares of company stock worth $4,573,864. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent research reports. Cantor Fitzgerald lifted their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Morgan Stanley dropped their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Finally, Citigroup increased their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $71.57.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $75.01 on Friday. The stock has a fifty day moving average price of $67.27 and a 200 day moving average price of $65.05. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a market cap of $57.38 billion, a PE ratio of 49.03, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the business earned $0.31 EPS. The business’s revenue was up 10.9% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current year.

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.