OVERSEA CHINESE BANKING Corp Ltd Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

OVERSEA CHINESE BANKING Corp Ltd trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,709 shares of the software maker’s stock after selling 20,421 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Fortinet were worth $13,888,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Manchester Capital Management LLC lifted its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC boosted its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its position in shares of Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC increased its position in shares of Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after purchasing an additional 127 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares of the company’s stock, valued at $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.2 %

Shares of FTNT stock opened at $96.91 on Wednesday. The stock has a market capitalization of $74.52 billion, a P/E ratio of 42.88, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50 day moving average price of $102.17 and a 200 day moving average price of $92.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FTNT shares. Bank of America lifted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Morgan Stanley started coverage on shares of Fortinet in a report on Tuesday. They issued an “overweight” rating and a $123.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Rosenblatt Securities increased their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $105.69.

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.