Fortinet, Inc. (NASDAQ:FTNT) Holdings Decreased by Summit Global Investments

Summit Global Investments lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,217 shares of the software maker’s stock after selling 359 shares during the quarter. Summit Global Investments’ holdings in Fortinet were worth $247,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Nordea Investment Management AB grew its holdings in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Morgan Stanley increased its position in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after acquiring an additional 108,548 shares during the period. Invesco Ltd. raised its stake in Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after acquiring an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after acquiring an additional 153,119 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Fortinet by 17.6% in the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after purchasing an additional 438,476 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,694 shares of Fortinet 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 sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by company insiders.

Fortinet Trading Down 0.1 %

FTNT opened at $58.81 on Tuesday. The firm has a 50 day simple moving average of $67.34 and a 200 day simple moving average of $61.96. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a market cap of $44.89 billion, a price-to-earnings ratio of 38.44, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.4 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Barclays decreased their target price on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday. HSBC lowered their price objective on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday. JPMorgan Chase & Co. decreased their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $70.37.

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.