Swedbank AB Sells 945,650 Shares of Fortinet, Inc. $FTNT

Key Points

• Swedbank AB has reduced its holdings in Fortinet, Inc. by 19.7%, selling 945,650 shares during the first quarter, now owning approximately 0.50% of the company valued at $369.9 million.
• Fortinet reported a 12-month revenue increase of 13.6% over the same quarter last year, with earnings per share of $0.64, exceeding expectations.
• Various analysts downgraded Fortinet's stock price targets, with predictions ranging from $85.00 to $100.00, indicating a shift in market sentiment toward the company.

Swedbank AB reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 19.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,843,196 shares of the software maker's stock after selling 945,650 shares during the quarter. Swedbank AB owned about 0.50% of Fortinet worth $369,946,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. grew its position in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares during the last quarter. Saudi Central Bank bought a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd grew its position in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after buying an additional 284 shares during the last quarter. Finally, ORG Partners LLC grew its position in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 1.8%

Fortinet stock opened at $80.89 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The business's fifty day simple moving average is $90.17 and its two-hundred day simple moving average is $97.13. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $61.98 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 3.01 and a beta of 1.12.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping 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 company posted $0.57 earnings per share. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction on Monday, August 4th. The stock was 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. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTNT shares. Wedbush cut their price objective on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company dropped their price target 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. UBS Group dropped their price target on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Truist Financial dropped their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Scotiabank dropped their price target on Fortinet from $115.00 to $85.00 and set a "sector outperform" 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 assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $97.03.

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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