E. Ohman J or Asset Management AB Cuts Stake in Fortinet, Inc. $FTNT

Key Points

• E. Ohman J or Asset Management AB reduced its stake in Fortinet, Inc. by 49.1% during the second quarter, owning 326,476 shares post-sale, valued at approximately $34.5 million.
• Several hedge funds, including Vanguard and UBS, have increased their positions in Fortinet, signaling overall institutional interest with 83.71% of its stock owned by institutional investors.
• Fortinet's stock analysts currently maintain a consensus rating of "Hold" with an average price target of $97.03, reflecting mixed expectations following recent price target reductions from multiple firms.

E. Ohman J or Asset Management AB reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 49.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 326,476 shares of the software maker's stock after selling 314,482 shares during the period. Fortinet accounts for about 0.9% of E. Ohman J or Asset Management AB's investment portfolio, making the stock its 27th largest position. E. Ohman J or Asset Management AB's holdings in Fortinet were worth $34,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. Invesco Ltd. lifted its position in Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock valued at $824,999,000 after buying an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Northern Trust Corp lifted its position in Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker's stock valued at $627,573,000 after buying an additional 49,238 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Fortinet by 3.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock valued at $565,953,000 after buying an additional 202,259 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. Evercore ISI reduced their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research report on Friday, August 8th. Barclays reduced their price target on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Erste Group Bank lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. TD Cowen reiterated a "hold" rating and set a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Finally, BMO Capital Markets dropped their price objective on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $97.03.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction on 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 completion of the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 476,596 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Fortinet Trading Down 1.5%

FTNT opened at $79.68 on Monday. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $61.06 billion, a P/E ratio of 31.75, a P/E/G ratio of 3.01 and a beta of 1.13. The firm's 50 day moving average is $89.66 and its 200-day moving average is $96.78.

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, topping analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the company earned $0.57 earnings per share. The business's quarterly revenue was up 13.6% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.

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