Fortinet, Inc. (NASDAQ:FTNT) Position Decreased by Handelsbanken Fonder AB

Handelsbanken Fonder AB decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 190,189 shares of the software maker’s stock after selling 11,206 shares during the period. Handelsbanken Fonder AB’s holdings in Fortinet were worth $11,132,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in FTNT. Headinvest LLC bought a new position in shares of Fortinet during the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet in the fourth quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Fortinet in the third quarter worth about $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet in the fourth quarter worth about $43,000. Finally, CVA Family Office LLC acquired a new position in shares of Fortinet in the fourth quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.0 %

FTNT opened at $65.45 on Thursday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm’s fifty day moving average price is $68.17 and its two-hundred day moving average price is $61.70. The company has a market capitalization of $49.94 billion, a P/E ratio of 45.14, a P/E/G ratio of 2.88 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The business’s revenue was up 10.3% compared to the same quarter last year. On average, analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 132,139 shares of company stock worth $8,977,876. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on FTNT shares. Mizuho raised their target price on shares of Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Morgan Stanley increased their price target on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Stifel Nicolaus increased their price target on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Finally, Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $72.19.

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.