Swiss National Bank Sells 59,300 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Swiss National Bank cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,087,400 shares of the software maker’s stock after selling 59,300 shares during the quarter. Swiss National Bank’s holdings in Fortinet were worth $122,176,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Atwood & Palmer Inc. acquired a new position in Fortinet in the 4th quarter valued at about $29,000. Headinvest LLC bought a new stake in shares of Fortinet during the third quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $37,000. Rakuten Securities Inc. bought a new position in shares of Fortinet during the fourth quarter worth approximately $43,000. Finally, CVA Family Office LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. HSBC decreased their price objective on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Barclays cut their price objective on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday. Evercore ISI decreased their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Friday. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $70.68.

Fortinet Trading Down 9.7 %

Shares of NASDAQ FTNT opened at $58.88 on Friday. The firm has a 50 day moving average price of $67.53 and a two-hundred day moving average price of $61.90. The stock has a market cap of $44.94 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the company earned $0.29 EPS. Fortinet’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock valued at $8,021,556 over the last ninety days. 17.54% of the stock is owned by company insiders.

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.