Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 5.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 190,189 shares of the software maker’s stock after selling 11,206 shares during the period. Handelsbanken Fonder AB’s holdings in Fortinet were worth $11,132,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Headinvest LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the 4th quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $37,000. Rakuten Securities Inc. purchased a new position in shares of Fortinet in the 4th quarter valued at $43,000. Finally, CVA Family Office LLC purchased a new position in shares of Fortinet in the 4th quarter valued at $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $65.45 on Thursday. The company has a market cap of $49.94 billion, a PE ratio of 45.14, a price-to-earnings-growth ratio of 2.88 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month 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 company has a 50-day simple moving average of $68.17 and a 200-day simple moving average of $61.70.

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

Insider Buying and Selling

In related news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction 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 $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred 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 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 quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. Insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on FTNT shares. Wedbush increased their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and increased their price target for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Susquehanna reiterated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, The Goldman Sachs Group increased their price target on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Company 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.