IQ EQ FUND MANAGEMENT IRELAND Ltd Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,457 shares of the software maker’s stock after selling 35,037 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Fortinet were worth $5,429,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fisher Asset Management LLC increased its holdings in shares of Fortinet by 29.3% in the third quarter. Fisher Asset Management LLC now owns 37,010 shares of the software maker’s stock valued at $2,870,000 after purchasing an additional 8,392 shares during the period. Independent Advisor Alliance increased its holdings in Fortinet by 5.9% in the 3rd quarter. Independent Advisor Alliance now owns 19,480 shares of the software maker’s stock worth $1,511,000 after buying an additional 1,087 shares during the period. Loomis Sayles & Co. L P raised its position in Fortinet by 97.5% during the 3rd quarter. Loomis Sayles & Co. L P now owns 7,086 shares of the software maker’s stock worth $550,000 after buying an additional 3,499 shares during the last quarter. Brown Brothers Harriman & Co. lifted its stake in Fortinet by 9.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,816 shares of the software maker’s stock valued at $296,000 after acquiring an additional 336 shares during the period. Finally, Dai ichi Life Insurance Company Ltd boosted its holdings in shares of Fortinet by 198.5% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 15,037 shares of the software maker’s stock valued at $1,166,000 after acquiring an additional 10,000 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ:FTNT opened at $101.01 on Thursday. The stock has a 50 day moving average price of $102.81 and a 200 day moving average price of $92.95. The stock has a market cap of $77.67 billion, a PE ratio of 44.69, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate 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 expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on FTNT. Royal Bank of Canada raised their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Citigroup boosted their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Wells Fargo & Company raised their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Rosenblatt Securities boosted 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. Finally, Scotiabank raised their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $105.69.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the 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 owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last ninety days. 18.00% of the stock is owned by insiders.

About Fortinet

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.