Royal Bank of Canada Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

Royal Bank of Canada cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 31.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,347,661 shares of the software maker's stock after selling 607,059 shares during the quarter. Royal Bank of Canada owned 0.18% of Fortinet worth $127,328,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in FTNT. Manchester Capital Management LLC boosted its holdings in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares during the period. Fielder Capital Group LLC raised its holdings in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC lifted its position in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after buying an additional 114 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after buying an additional 116 shares during the period. Finally, Evergreen Capital Management LLC boosted its stake in Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock worth $590,000 after buying an additional 124 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.8%

FTNT stock traded up $0.78 during trading on Thursday, reaching $103.62. 3,652,798 shares of the company traded hands, compared to its average volume of 4,962,726. The business has a 50 day simple moving average of $99.03 and a 200 day simple moving average of $98.68. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. 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 company has a market capitalization of $79.31 billion, a price-to-earnings ratio of 45.85, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Scotiabank lowered their target price on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday. Wells Fargo & Company dropped their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Finally, Royal Bank of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $104.80.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $517,076.48. The trade was a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is owned by insiders.

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.