Ilmarinen Mutual Pension Insurance Co Sells 30,000 Shares of Fortinet, Inc. $FTNT

Key Points

• Ilmarinen Mutual Pension Insurance Co reduced its holdings in Fortinet, Inc. by selling 30,000 shares, cutting its position by 22.2% to 105,000 shares valued at approximately $10 million.
• Significant insider sales were recorded, with VP Michael Xie selling 476,596 shares and CEO Ken Xie selling 158,486 shares, both on the same day at an average price of $98.48.
• Institutional investors hold about 83.71% of Fortinet's stock, indicating strong institutional interest, while recent analyst ratings reflect a consensus of "Hold" and a target price of around $97.03.

Ilmarinen Mutual Pension Insurance Co cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 22.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,000 shares of the software maker's stock after selling 30,000 shares during the quarter. Ilmarinen Mutual Pension Insurance Co's holdings in Fortinet were worth $10,107,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. SageView Advisory Group LLC grew its position in Fortinet by 3.5% during the 1st quarter. SageView Advisory Group LLC now owns 3,166 shares of the software maker's stock worth $305,000 after acquiring an additional 108 shares during the last quarter. Alaethes Wealth LLC grew its position in Fortinet by 0.7% during the 1st quarter. Alaethes Wealth LLC now owns 26,075 shares of the software maker's stock worth $2,510,000 after acquiring an additional 183 shares during the last quarter. SCS Capital Management LLC bought a new position in Fortinet during the 1st quarter worth approximately $643,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in 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 worth $675,405,000 after acquiring an additional 1,026,277 shares during the last quarter. Finally, McIlrath & Eck LLC grew its position in Fortinet by 116.5% during the 1st quarter. McIlrath & Eck LLC now owns 2,477 shares of the software maker's stock worth $238,000 after acquiring an additional 1,333 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction 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 of the company's stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly 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. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $79.84 on Wednesday. The stock's 50-day simple moving average is $91.12 and its 200-day simple moving average is $97.45. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a market capitalization of $61.18 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 3.04 and a beta of 1.13. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating 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 business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The business's revenue was up 13.6% on a year-over-year basis. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on FTNT. Citigroup restated a "neutral" rating and set a $85.00 price target (down from $110.00) on shares of Fortinet in a research report on Monday, August 18th. BMO Capital Markets cut their price objective on Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research report on Thursday, August 7th. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. Cowen lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company cut their price objective on Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Two 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 assigned a Sell rating to the company's stock. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $97.03.

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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