Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Slow Capital Inc.

Slow Capital Inc. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 81,200 shares of the software maker’s stock after selling 451 shares during the period. Fortinet makes up approximately 0.8% of Slow Capital Inc.’s investment portfolio, making the stock its 26th largest position. Slow Capital Inc.’s holdings in Fortinet were worth $4,753,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Fortinet by 36.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,213,826 shares of the software maker’s stock worth $71,045,000 after buying an additional 323,328 shares during the last quarter. Everence Capital Management Inc. raised its stake in shares of Fortinet by 42.9% during the 4th quarter. Everence Capital Management Inc. now owns 12,990 shares of the software maker’s stock worth $760,000 after buying an additional 3,900 shares during the last quarter. United Asset Strategies Inc. raised its stake in shares of Fortinet by 15.3% during the 4th quarter. United Asset Strategies Inc. now owns 23,980 shares of the software maker’s stock worth $1,404,000 after buying an additional 3,179 shares during the last quarter. SVB Wealth LLC raised its stake in shares of Fortinet by 4.6% during the 4th quarter. SVB Wealth LLC now owns 20,296 shares of the software maker’s stock worth $1,188,000 after buying an additional 888 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 108,147 shares of company stock worth $7,424,394 in the last 90 days. 17.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Piper Sandler reissued a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. BMO Capital Markets boosted their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Sanford C. Bernstein assumed coverage on shares of Fortinet in a research note on Thursday, January 18th. They issued a “market perform” rating and a $65.00 target price for the company. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Finally, Susquehanna reissued a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $72.35.

Fortinet Stock Up 0.4 %

NASDAQ FTNT traded up $0.24 on Wednesday, reaching $64.72. The company had a trading volume of 1,337,664 shares, compared to its average volume of 5,935,438. The firm has a market capitalization of $49.38 billion, a PE ratio of 44.86, a P/E/G ratio of 2.87 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The firm has a 50-day moving average of $68.83 and a 200-day moving average of $61.48. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. Fortinet’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal 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.