Bessemer Group Inc. Sells 67,165 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bessemer Group Inc. trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,839,274 shares of the software maker's stock after selling 67,165 shares during the period. Fortinet accounts for about 0.8% of Bessemer Group Inc.'s investment portfolio, making the stock its 25th largest position. Bessemer Group Inc. owned approximately 0.63% of Fortinet worth $465,829,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. SJS Investment Consulting Inc. grew its holdings in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet in the 4th quarter worth $27,000. ORG Partners LLC lifted its position in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new position in Fortinet during the 1st quarter worth $35,000. Finally, Oarsman Capital Inc. boosted its holdings in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the period. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Wolfe Research began coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Roth Capital set a $103.00 price objective on Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. BMO Capital Markets lowered their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Finally, Cantor Fitzgerald cut their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $105.62.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Fortinet Price Performance

Fortinet stock traded down $0.75 on Friday, reaching $103.11. The company's stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,386. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business's fifty day moving average price is $102.54 and its 200 day moving average price is $100.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The company has a market cap of $78.92 billion, a price-to-earnings ratio of 42.43, a PEG ratio of 3.58 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm posted $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share 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.