Banco Bilbao Vizcaya Argentaria S.A. Sells 13,951 Shares of Fortinet, Inc. $FTNT

Key Points

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Banco Bilbao Vizcaya Argentaria S.A. decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 252,106 shares of the software maker's stock after selling 13,951 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Fortinet were worth $24,288,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. grew its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the period. Clearstead Trust LLC bought a new position in Fortinet in the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd grew its position in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares during the period. ORG Partners LLC grew its holdings in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC bought a new stake in Fortinet during the 1st quarter worth approximately $35,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.52 on Wednesday, hitting $79.61. 12,244,511 shares of the company traded hands, compared to its average volume of 10,125,274. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market cap of $61.00 billion, a P/E ratio of 31.72, a P/E/G ratio of 2.96 and a beta of 1.07. The firm's 50-day simple moving average is $97.88 and its 200 day simple moving average is $100.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company's revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.57 earnings per share. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTNT. Citigroup reiterated a "neutral" rating and issued a $85.00 target price (down previously from $110.00) on shares of Fortinet in a research note on Monday. TD Cowen reaffirmed a "hold" rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Wells Fargo & Company dropped their price target on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Morgan Stanley lowered shares of Fortinet from an "overweight" rating to a "reduce" rating and reduced their price objective for the company from $110.00 to $78.00 in a research note on Thursday, August 7th. Finally, KeyCorp cut shares of Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $97.40.

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,486 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

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.