Natixis Advisors L.P. Sells 14,748 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Natixis Advisors L.P. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 168,626 shares of the software maker’s stock after selling 14,748 shares during the quarter. Natixis Advisors L.P.’s holdings in Fortinet were worth $9,869,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Atwood & Palmer Inc. bought a new position in Fortinet during the 4th quarter worth approximately $29,000. Headinvest LLC bought a new position in Fortinet during the 3rd quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet during the 3rd quarter worth approximately $37,000. Rakuten Securities Inc. bought a new position in Fortinet during the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.3 %

NASDAQ FTNT opened at $59.63 on Thursday. The firm has a market capitalization of $45.52 billion, a P/E ratio of 38.97, a PEG ratio of 2.60 and a beta of 1.08. The business has a fifty day simple moving average of $66.93 and a 200 day simple moving average of $61.97. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 EPS. On average, analysts predict that Fortinet, Inc. will post 1.4 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on FTNT. BMO Capital Markets lowered their price objective on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a report on Friday, May 3rd. Sanford C. Bernstein assumed coverage on shares of Fortinet in a research report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 target price for the company. Scotiabank dropped their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Finally, Robert W. Baird dropped their price target on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $70.37.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the firm’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 sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 in the last ninety days. 17.54% of the stock is currently owned by insiders.

Fortinet 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.