ICICI Prudential Asset Management Co Ltd Sells 16,003 Shares of Fortinet, Inc. (NASDAQ:FTNT)

ICICI Prudential Asset Management Co Ltd trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 61.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 9,981 shares of the software maker’s stock after selling 16,003 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Fortinet were worth $943,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Manchester Capital Management LLC boosted its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares in the last quarter. Finally, Diversified Trust Co boosted its holdings in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,610 shares of company stock valued at $6,083,029 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $114.26 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a fifty day simple moving average of $99.23 and a two-hundred day simple moving average of $87.56. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market capitalization of $87.57 billion, a P/E ratio of 50.56, a P/E/G ratio of 4.09 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Bank of America increased their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $103.72.

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.