Convergence Investment Partners LLC Sells 15,722 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Convergence Investment Partners LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 67.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,649 shares of the software maker's stock after selling 15,722 shares during the quarter. Convergence Investment Partners LLC's holdings in Fortinet were worth $736,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Norges Bank bought a new stake in Fortinet during the 4th quarter worth about $724,048,000. Schroder Investment Management Group bought a new stake in Fortinet during the 4th quarter worth about $389,867,000. FMR LLC raised its holdings in Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after purchasing an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03% 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 insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.05 on Friday, hitting $104.82. The company had a trading volume of 2,087,821 shares, compared to its average volume of 4,777,030. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock has a market cap of $80.23 billion, a price-to-earnings ratio of 43.14, a P/E/G ratio of 3.62 and a beta of 1.06. The stock has a 50 day moving average price of $103.48 and a 200 day moving average price of $101.57. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on FTNT shares. KeyCorp decreased their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Robert W. Baird boosted their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Royal Bank Of Canada decreased their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Scotiabank decreased their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Finally, Jefferies Financial Group decreased their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve 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 has a consensus rating of "Hold" and an average target price of $106.48.

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.