Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,763,607 shares of the software maker’s stock after selling 25,499 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.49% of Fortinet worth $220,284,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Headinvest LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet during the 4th quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth $37,000. Rakuten Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at about $43,000. Finally, CVA Family Office LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were 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 in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock worth $8,021,556 in the last quarter. 17.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Sanford C. Bernstein started coverage on Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price on the stock. DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price for the company. in a report on Thursday, February 8th. Mizuho lowered their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Stifel Nicolaus boosted their price objective on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price target on shares of Fortinet in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $70.37.

Fortinet Stock Up 0.3 %

Shares of Fortinet stock opened at $59.63 on Thursday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The stock has a market cap of $45.52 billion, a price-to-earnings ratio of 38.97, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. 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 fifty day moving average price of $66.93 and a 200 day moving average price of $61.97.

Fortinet (NASDAQ:FTNT) last released its quarterly 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 analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. Equities research analysts forecast that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

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.