Skandinaviska Enskilda Banken AB publ Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Skandinaviska Enskilda Banken AB publ increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 63.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 341,237 shares of the software maker’s stock after purchasing an additional 132,306 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Fortinet were worth $20,566,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD raised its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB purchased a new stake in shares of Fortinet during the 1st quarter valued at approximately $548,013,000. Van ECK Associates Corp raised its position in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. Sarasin & Partners LLP purchased a new stake in shares of Fortinet during the 1st quarter valued at approximately $120,746,000. Finally, Bessemer Group Inc. raised its position in shares of Fortinet by 102.5% during the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after buying an additional 1,662,156 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock valued at $6,337,801 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $76.78 on Friday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The stock has a market cap of $58.66 billion, a PE ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. 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 firm has a fifty day moving average price of $68.54 and a 200 day moving average price of $65.21.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company earned $0.31 earnings per share. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Susquehanna lifted their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Citigroup lifted their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. UBS Group lifted their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price for the company in a report on Wednesday, August 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $71.57.

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.