Desjardins Global Asset Management Inc. Sells 3,740 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Desjardins Global Asset Management Inc. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 34.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 6,989 shares of the software maker’s stock after selling 3,740 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Fortinet were worth $409,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. United Asset Strategies Inc. grew its holdings in Fortinet by 15.3% during the fourth quarter. United Asset Strategies Inc. now owns 23,980 shares of the software maker’s stock worth $1,404,000 after purchasing an additional 3,179 shares during the period. SVB Wealth LLC grew its holdings in Fortinet by 4.6% during the fourth quarter. SVB Wealth LLC now owns 20,296 shares of the software maker’s stock worth $1,188,000 after purchasing an additional 888 shares during the period. Vontobel Holding Ltd. grew its holdings in Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position in Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after acquiring an additional 38,751 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Fortinet by 1.0% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,662,348 shares of the software maker’s stock worth $97,297,000 after acquiring an additional 15,687 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Tuesday, February 13th. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a research report on Wednesday, February 7th. Morgan Stanley raised their price objective 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. Rosenblatt Securities restated a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Finally, Scotiabank raised their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $72.03.

Fortinet Stock Performance

NASDAQ FTNT opened at $64.66 on Thursday. 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, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a market cap of $49.34 billion, a PE ratio of 44.59, a PEG ratio of 2.86 and a beta of 1.08. The firm’s fifty day moving average price is $68.72 and its two-hundred day moving average price is $61.50.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related 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 transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock valued at $8,977,876 over the last 90 days. 17.54% 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.