Swedbank AB Acquires 134,366 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Swedbank AB boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the second quarter, Holdings Channel reports. The institutional investor owned 8,156,797 shares of the software maker’s stock after buying an additional 134,366 shares during the period. Fortinet accounts for approximately 0.7% of Swedbank AB’s holdings, making the stock its 29th largest position. Swedbank AB’s holdings in Fortinet were worth $491,610,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Vima LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet during the 1st quarter valued at approximately $25,000. Rise Advisors LLC increased its position in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $32,000. Finally, American National Bank increased its position in Fortinet by 443.6% during the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after purchasing an additional 488 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders have sold 115,608 shares of company stock worth $7,132,649 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Robert W. Baird increased their target price on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Wells Fargo & Company increased their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $71.31.

Fortinet Stock Up 1.8 %

NASDAQ:FTNT traded up $1.32 during trading hours on Friday, hitting $74.72. 4,797,651 shares of the company traded hands, compared to its average volume of 5,910,659. The firm’s 50-day simple moving average is $60.91 and its 200-day simple moving average is $63.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $74.90. The company has a market cap of $57.08 billion, a PE ratio of 48.84, a PEG ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the business earned $0.31 EPS. The business’s revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts expect that Fortinet, Inc. will post 1.47 EPS for the current year.

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.