Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Swiss National Bank

Swiss National Bank reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,836,700 shares of the software maker’s stock after selling 90,700 shares during the quarter. Swiss National Bank owned 0.24% of Fortinet worth $173,531,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. First Hawaiian Bank acquired a new position in shares of Fortinet during the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI increased its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC increased its position in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the period. Trilogy Capital Inc. increased its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. increased its position in shares of Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after purchasing an additional 169,530 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Wedbush raised their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Wells Fargo & Company raised their price objective on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Finally, Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $103.72.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock valued at $61,338,694 over the last three months. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Down 4.6 %

FTNT stock opened at $93.42 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market cap of $71.84 billion, a PE ratio of 41.34, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a fifty day simple moving average of $102.22 and a 200 day simple moving average of $91.41.

Fortinet (NASDAQ:FTNT) last posted its 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.