Nisa Investment Advisors LLC Sells 26,248 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Nisa Investment Advisors LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 18.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 115,389 shares of the software maker’s stock after selling 26,248 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $8,948,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB raised its position in shares of Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares during the period. Marshall Wace LLP boosted its stake in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $78.74 on Thursday. The company has a fifty day moving average price of $77.90 and a two-hundred day moving average price of $67.30. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77. The stock has a market cap of $60.23 billion, a P/E ratio of 46.59, a P/E/G ratio of 2.92 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue was up 10.9% on a year-over-year basis. During the same period last year, the business posted $0.31 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on 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 owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred 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 owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,250 shares of company stock worth $6,790,149. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FTNT shares. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Wells Fargo & Company increased their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, DZ Bank upgraded 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. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $74.07.

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.