Fortinet, Inc. (NASDAQ:FTNT) Holdings Raised by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 71.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,712 shares of the software maker’s stock after buying an additional 712 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Fortinet were worth $100,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Penserra Capital Management LLC increased its position in Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares during the last quarter. Evergreen Capital Management LLC increased its position in Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC increased its position in Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares during the last quarter. Covestor Ltd increased its position in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC increased its holdings in shares of Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after acquiring an additional 66 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on FTNT. Stifel Nicolaus increased their target price on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Truist Financial increased their target price on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price for the company. in a research note on Thursday, February 8th. UBS Group increased their target price on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Finally, Jefferies Financial Group reduced their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $72.19.

Fortinet Trading Down 1.0 %

Shares of NASDAQ:FTNT opened at $64.03 on Friday. The company has a market capitalization of $48.86 billion, a P/E ratio of 44.16, a P/E/G ratio of 2.87 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year 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 business’s 50 day simple moving average is $68.64 and its 200 day simple moving average is $61.52.

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

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of the firm’s 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 sale, the vice president now 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 ninety days, insiders sold 132,139 shares of company stock worth $8,977,876. Insiders own 17.54% of the company’s stock.

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.