Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 228,917 shares of the software maker's stock after selling 8,487 shares during the period. Handelsbanken Fonder AB's holdings in Fortinet were worth $22,036,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Terra Alpha Investments LLC raised its position in shares of Fortinet by 4.7% in the first quarter. Terra Alpha Investments LLC now owns 27,484 shares of the software maker's stock worth $2,646,000 after acquiring an additional 1,246 shares during the period. Curated Wealth Partners LLC raised its position in shares of Fortinet by 3.1% in the first quarter. Curated Wealth Partners LLC now owns 7,731 shares of the software maker's stock worth $744,000 after acquiring an additional 235 shares during the period. Abacus FCF Advisors LLC raised its position in shares of Fortinet by 1.5% in the first quarter. Abacus FCF Advisors LLC now owns 91,938 shares of the software maker's stock worth $8,850,000 after acquiring an additional 1,371 shares during the period. First National Bank of Mount Dora Trust Investment Services acquired a new position in shares of Fortinet in the first quarter worth about $5,163,000. Finally, SJS Investment Consulting Inc. increased its position in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were 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 owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 335 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Trading Down 0.4%

Shares of FTNT stock traded down $0.36 on Thursday, hitting $101.66. 2,945,117 shares of the stock traded hands, compared to its average volume of 4,966,592. The firm's 50-day moving average price is $100.85 and its two-hundred day moving average price is $99.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market capitalization of $77.81 billion, a PE ratio of 44.98, a PEG ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. 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. Jefferies Financial Group cut 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. Stifel Nicolaus cut their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Wolfe Research started coverage on shares of Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating on the stock. Finally, Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average target price of $104.80.

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.