E. Ohman J or Asset Management AB Sells 147,020 Shares of Fortinet, Inc. (NASDAQ:FTNT)

E. Ohman J or Asset Management AB lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 640,958 shares of the software maker's stock after selling 147,020 shares during the period. Fortinet makes up about 1.6% of E. Ohman J or Asset Management AB's investment portfolio, making the stock its 12th largest holding. E. Ohman J or Asset Management AB owned approximately 0.08% of Fortinet worth $61,699,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Trilogy Capital Inc. raised its stake in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after purchasing an additional 3,544 shares during the period. Proficio Capital Partners LLC raised its stake in Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after purchasing an additional 544,357 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Fortinet by 34.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker's stock valued at $22,680,000 after purchasing an additional 60,249 shares during the period. Apollon Wealth Management LLC raised its stake in Fortinet by 101.7% during the 4th quarter. Apollon Wealth Management LLC now owns 30,857 shares of the software maker's stock valued at $2,915,000 after purchasing an additional 15,561 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new stake in Fortinet during the 4th quarter valued at $640,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT stock traded up $1.44 during trading hours on Friday, reaching $104.94. 3,296,603 shares of the company's stock were exchanged, compared to its average volume of 4,974,811. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a market capitalization of $80.32 billion, a P/E ratio of 46.43, a P/E/G ratio of 4.19 and a beta of 1.06. The business has a fifty day moving average price of $100.18 and a 200-day moving average price of $99.78. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the company earned $0.43 earnings per share. The company's quarterly revenue was up 13.8% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. UBS Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Stephens started coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. The Goldman Sachs Group boosted their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a report on Friday, February 7th. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Robert W. Baird lifted their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $104.80.

Insider Transactions 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 stock was purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $99.32, for a total value of $99,320.00. Following the completion of the transaction, the director now directly owns 20,612 shares of the company's stock, valued at approximately $2,047,183.84. This trade represents a 4.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock worth $69,539,128 over the last three months. 18.00% of the stock is currently owned by insiders.

Fortinet 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.