The Manufacturers Life Insurance Company Sells 8,258 Shares of Fortinet, Inc. (NASDAQ:FTNT)

The Manufacturers Life Insurance Company trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 409,676 shares of the software maker’s stock after selling 8,258 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fortinet were worth $24,691,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MBB Public Markets I LLC bought a new position in shares of Fortinet during the second quarter worth approximately $2,830,000. Dark Forest Capital Management LP increased its position in Fortinet by 46.6% during the second quarter. Dark Forest Capital Management LP now owns 5,639 shares of the software maker’s stock worth $340,000 after acquiring an additional 1,792 shares during the period. Daymark Wealth Partners LLC raised its stake in Fortinet by 39.2% in the 2nd quarter. Daymark Wealth Partners LLC now owns 282,477 shares of the software maker’s stock worth $17,025,000 after purchasing an additional 79,596 shares in the last quarter. Decatur Capital Management Inc. boosted its holdings in Fortinet by 2.9% in the 2nd quarter. Decatur Capital Management Inc. now owns 30,060 shares of the software maker’s stock valued at $1,812,000 after purchasing an additional 842 shares during the period. Finally, APG Asset Management US Inc. increased its holdings in shares of Fortinet by 1.6% during the second quarter. APG Asset Management US Inc. now owns 101,812 shares of the software maker’s stock worth $6,093,000 after purchasing an additional 1,577 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on FTNT shares. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Barclays lowered their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

NASDAQ:FTNT opened at $76.49 on Wednesday. The firm has a market capitalization of $58.43 billion, a P/E ratio of 49.99, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.50. The company has a fifty day moving average of $71.46 and a 200-day moving average of $65.52. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its 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. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company posted $0.31 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.72 EPS for the current year.

Insider Buying and Selling at Fortinet

In related 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 sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on 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 completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 24,267 shares of the firm’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 transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,210 shares of company stock valued at $6,337,801. 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.