Nomura Holdings Inc. Sells 33,895 Shares of Fortinet, Inc. $FTNT

Nomura Holdings Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 35.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 60,786 shares of the software maker's stock after selling 33,895 shares during the quarter. Nomura Holdings Inc.'s holdings in Fortinet were worth $5,851,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in FTNT. Hemington Wealth Management lifted its holdings in shares of Fortinet by 16.6% during the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after buying an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of Fortinet by 0.9% in the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after purchasing an additional 107 shares in the last quarter. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after purchasing an additional 109 shares in the last quarter. ORG Partners LLC raised its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares in the last quarter. Finally, Bogart Wealth LLC raised its stake in Fortinet by 37.3% during the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after acquiring an additional 112 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $78.77 on Tuesday. The stock has a fifty day moving average price of $94.20 and a 200-day moving average price of $98.80. The company has a market cap of $60.36 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 2.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $1.63 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. Fortinet's revenue was up 13.6% on a year-over-year basis. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the company's stock in a transaction dated 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 owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Evercore ISI decreased their price target on Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a report on Friday, August 8th. Erste Group Bank cut Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Wolfe Research started coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. Finally, Stifel Nicolaus cut their target price on Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $97.40.

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.

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