Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by D.A. Davidson & CO.

D.A. Davidson & CO. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 14.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 25,701 shares of the software maker’s stock after selling 4,444 shares during the period. D.A. Davidson & CO.’s holdings in Fortinet were worth $1,508,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of FTNT. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortinet by 24.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after buying an additional 76,027 shares during the last quarter. Raymond James Trust N.A. increased its holdings in shares of Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after acquiring an additional 441 shares during the period. Zions Bancorporation N.A. increased its holdings in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after acquiring an additional 73 shares during the period. Brown Brothers Harriman & Co. increased its holdings in shares of Fortinet by 209.4% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after acquiring an additional 1,049 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the period. 65.00% of the stock is currently owned by institutional investors.

Fortinet Stock Up 3.8 %

FTNT stock opened at $70.44 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company’s 50 day simple moving average is $60.53 and its 200-day simple moving average is $59.36. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.17. The firm has a market capitalization of $54.09 billion, a P/E ratio of 48.58, a P/E/G ratio of 3.20 and a beta of 1.09.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,733 shares of the business’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Ken Xie sold 46,733 shares of the business’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the sale, the chief executive officer now directly owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction 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. Over the last three months, insiders have sold 148,332 shares of company stock valued at $8,704,410. Corporate insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FTNT shares. Susquehanna increased their price objective on shares of Fortinet from $55.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday. Wedbush increased their price objective on shares of Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday. Jefferies Financial Group cut shares of Fortinet from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $85.00 to $65.00 in a report on Thursday, October 19th. The Goldman Sachs Group increased their price objective on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $71.13.

View Our Latest Analysis on FTNT

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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