Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Reduced by Panagora Asset Management Inc.

Panagora Asset Management Inc. cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 94.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,719 shares of the software maker’s stock after selling 514,803 shares during the period. Panagora Asset Management Inc.’s holdings in Fortinet were worth $1,798,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Atwood & Palmer Inc. bought a new position in Fortinet during the fourth quarter valued at about $29,000. Headinvest LLC bought a new position in Fortinet in the 3rd quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Fortinet in the third quarter valued at approximately $37,000. Rakuten Securities Inc. acquired a new stake in shares of Fortinet in the fourth quarter worth $43,000. Finally, CVA Family Office LLC acquired a new position in Fortinet during the 4th quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $61.31 on Wednesday. The firm has a market capitalization of $46.84 billion, a P/E ratio of 40.07, a PEG ratio of 2.58 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The business has a 50-day moving average of $65.03 and a 200-day moving average of $62.28. 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 announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 1.46 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders sold 72,396 shares of company stock valued at $4,838,534 in the last quarter. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. HSBC cut their price objective on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research report on Friday, May 3rd. Scotiabank cut their target price 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. BMO Capital Markets decreased their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Robert W. Baird reduced their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Finally, Wells Fargo & Company lowered their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $70.37.

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.