Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Metis Global Partners LLC

Metis Global Partners LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,075 shares of the software maker’s stock after selling 2,347 shares during the quarter. Metis Global Partners LLC’s holdings in Fortinet were worth $1,468,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Commonwealth Equity Services LLC lifted its holdings in Fortinet by 7.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock worth $7,577,000 after buying an additional 8,402 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Fortinet by 5.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock worth $7,220,000 after acquiring an additional 6,815 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Fortinet by 92.2% in the third quarter. Mackenzie Financial Corp now owns 147,644 shares of the software maker’s stock valued at $8,506,000 after purchasing an additional 70,822 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in Fortinet by 3.3% in the third quarter. IFM Investors Pty Ltd now owns 138,029 shares of the software maker’s stock valued at $8,100,000 after purchasing an additional 4,390 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Fortinet by 0.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,350,254 shares of the software maker’s stock valued at $79,233,000 after purchasing an additional 3,397 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.7 %

FTNT stock opened at $59.00 on Wednesday. The firm’s 50-day moving average is $67.13 and its two-hundred day moving average is $61.98. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The company has a market capitalization of $45.04 billion, a price-to-earnings ratio of 38.84, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

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

Analyst Ratings Changes

Several equities analysts have recently commented on FTNT shares. Sanford C. Bernstein began coverage on Fortinet in a research note on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price for the company. Barclays decreased their price objective on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Cantor Fitzgerald cut their target price on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Finally, BMO Capital Markets cut their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Two research 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. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $70.37.

Insider Activity

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was 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 directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction 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 in the company, valued at approximately $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction 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 directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 over the last 90 days. 17.54% of the stock is currently owned by company insiders.

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.