Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Swedbank AB

Swedbank AB lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,788,846 shares of the software maker’s stock after selling 2,015,745 shares during the period. Swedbank AB owned about 0.62% of Fortinet worth $452,450,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. City State Bank boosted its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new position in Fortinet during the third quarter valued at approximately $46,000. 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 23,044 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last quarter. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Down 1.5 %

NASDAQ:FTNT traded down $1.45 during trading hours on Wednesday, hitting $98.38. The stock had a trading volume of 385,894 shares, compared to its average volume of 3,912,873. The business’s 50 day moving average is $95.98 and its 200-day moving average is $82.45. The company has a market cap of $75.40 billion, a price-to-earnings ratio of 49.74, a P/E/G ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Sell-side analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Royal Bank of Canada increased their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $96.83.

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.