Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 17.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 125,856 shares of the software maker’s stock after selling 26,596 shares during the period. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $7,366,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cito Capital Group LLC purchased a new stake in shares of Fortinet during the third quarter worth approximately $660,000. Alamar Capital Management LLC lifted its stake in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after acquiring an additional 7,110 shares during the period. Marshall Financial Group LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $1,487,000. First Merchants Corp increased its stake in shares of Fortinet by 27.7% during the third quarter. First Merchants Corp now owns 104,974 shares of the software maker’s stock worth $6,160,000 after acquiring an additional 22,754 shares during the period. Finally, Deutsche Bank AG raised its holdings in Fortinet by 1.6% during the third quarter. Deutsche Bank AG now owns 1,921,857 shares of the software maker’s stock worth $112,775,000 after purchasing an additional 30,129 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet 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 completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the firm’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 completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,147 shares of company stock worth $7,424,394. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Trading Down 0.2 %

NASDAQ:FTNT opened at $68.22 on Wednesday. The stock has a market cap of $52.05 billion, a price-to-earnings ratio of 47.05, a price-to-earnings-growth ratio of 3.15 and a beta of 1.08. Fortinet, Inc. has a one year low of $44.12 and a one year 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. The business’s 50-day simple moving average is $68.81 and its 200 day simple moving average is $61.19.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business posted $0.38 EPS. The business’s revenue was up 10.3% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FTNT shares. Mizuho boosted their target price on Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $75.00 target price (up previously from $50.00) on shares of Fortinet in a report on Wednesday, February 7th. BMO Capital Markets upped their price target on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Finally, HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 7th. 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. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $72.35.

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.