J. Safra Sarasin Holding AG Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Fortinet, Inc. by 7.5% in Q1, now holding 265,220 shares valued at approximately $25.53 million.
• Insider trading activity includes Director William H. Neukom purchasing 335 shares at $104.22 per share, raising his total ownership to 301,471 shares.
• Fortinet reported a quarterly EPS of $0.58, beating estimates, and has been assigned a consensus rating of "Hold" by analysts, with an average target price of $107.

J. Safra Sarasin Holding AG lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 265,220 shares of the software maker's stock after selling 21,350 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Fortinet were worth $25,530,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Invesco Ltd. lifted its holdings in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares during the period. FMR LLC lifted its holdings in Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares during the period. Northern Trust Corp lifted its holdings in Fortinet by 17.2% in the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after buying an additional 951,233 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Fortinet by 3.5% in 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 during the period. Finally, Bessemer Group Inc. lifted its holdings in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of Fortinet stock traded up $1.19 on Monday, reaching $98.55. 5,369,347 shares of the company traded hands, compared to its average volume of 3,937,192. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a 50 day moving average of $103.27 and a 200 day moving average of $101.93. The firm has a market capitalization of $75.43 billion, a PE ratio of 40.56, a PEG ratio of 3.36 and a beta of 1.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

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

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Cantor Fitzgerald boosted their target price on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. BMO Capital Markets dropped their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Finally, UBS Group dropped their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $107.00.

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.