Nordea Investment Management AB Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Nordea Investment Management AB decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,459,276 shares of the software maker’s stock after selling 1,510,885 shares during the period. Fortinet makes up about 0.7% of Nordea Investment Management AB’s holdings, making the stock its 25th biggest position. Nordea Investment Management AB owned approximately 0.97% of Fortinet worth $705,200,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Versant Capital Management Inc boosted its holdings in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the period. Eagle Capital Management LLC lifted its stake in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC increased its holdings in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the period. Finally, Crewe Advisors LLC boosted its stake in Fortinet by 8.8% during the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock valued at $152,000 after purchasing an additional 158 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 68,123 shares of company stock valued at $6,227,201. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.47 on Monday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59. The business’s 50-day moving average price is $92.91 and its two-hundred day moving average price is $78.11. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market capitalization of $74.71 billion, a P/E ratio of 49.23, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Robert W. Baird increased their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Scotiabank lifted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Stifel Nicolaus upped their price objective on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Finally, Mizuho raised their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $93.71.

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.