Fortinet, Inc. $FTNT Shares Sold by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB reduced its position in Fortinet by 2.1%, selling 141,941 shares, and currently holds approximately 0.88% of the company's shares, valued at around $705.98 million.
• A number of institutional investors, including Vanguard Group, Invesco, and UBS, increased their stakes in Fortinet during the first quarter, reflecting ongoing interest from large investors despite recent downgrades from analysts.
• Fortinet's stock price has seen significant fluctuations, with a 12-month low of $70.12 and a high of $114.82, while the company's earnings report indicated strong performance with a revenue increase of 13.6% year-over-year.

Nordea Investment Management AB lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.1% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 6,726,135 shares of the software maker's stock after selling 141,941 shares during the quarter. Fortinet comprises about 0.7% of Nordea Investment Management AB's portfolio, making the stock its 29th largest position. Nordea Investment Management AB owned about 0.88% of Fortinet worth $705,975,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. Invesco Ltd. raised its stake in shares of Fortinet by 2.2% during the 1st 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortinet by 17.1% during the 1st 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 during the last quarter. Northern Trust Corp raised its stake in shares of Fortinet by 0.8% during the 1st 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 during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock valued at $561,156,000 after buying an additional 1,733,670 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Citigroup reiterated a "neutral" rating and set a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Cowen lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Truist Financial cut their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Fortinet currently has an average rating of "Hold" and an average target price of $97.03.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer 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 insiders.

Fortinet Price Performance

NASDAQ:FTNT opened at $83.14 on Friday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The stock has a 50 day moving average of $81.07 and a two-hundred day moving average of $94.19. 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 firm has a market cap of $63.71 billion, a P/E ratio of 33.12, a price-to-earnings-growth ratio of 3.15 and a beta of 1.09.

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