Lindbrook Capital LLC Sells 625 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Lindbrook Capital LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 41.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 893 shares of the software maker’s stock after selling 625 shares during the period. Lindbrook Capital LLC’s holdings in Fortinet were worth $52,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Nordea Investment Management AB boosted its stake in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the last quarter. Morgan Stanley grew its stake in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. grew its stake in Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after purchasing an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after purchasing an additional 153,119 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after purchasing an additional 1,585,236 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FTNT shares. Cantor Fitzgerald restated a “neutral” rating and set a $65.00 price target on shares of Fortinet in a research note on Wednesday, April 17th. BMO Capital Markets upped their price target on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Morgan Stanley boosted their target price on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Finally, The Goldman Sachs Group upped their price target on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $72.19.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction on 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 sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’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 completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 in the last 90 days. Corporate insiders own 17.54% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $64.03 on Friday. The company’s fifty day moving average price is $68.04 and its 200-day moving average price is $61.72. The stock has a market cap of $48.86 billion, a PE ratio of 44.16, a price-to-earnings-growth ratio of 2.88 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS 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 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 firm posted $0.38 earnings per share. Fortinet’s quarterly revenue 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.

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.