The Manufacturers Life Insurance Company Lowers Position in Fortinet, Inc. $FTNT

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Fortinet, Inc. by 2.4%, now owning approximately 0.05% of the company, valued at $37.4 million.
• CEO Ken Xie and VP Michael Xie sold over 635,000 shares combined, resulting in a decrease of 0.31% and 4.67% in their respective holdings.
• Fortinet recently reported $1.63 billion in revenue for the last quarter, exceeding the earnings per share estimate by $0.05 and marking a 13.6% increase year-over-year.

The Manufacturers Life Insurance Company reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 388,779 shares of the software maker's stock after selling 9,463 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Fortinet worth $37,425,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. raised its position in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares during the last quarter. Clearstead Trust LLC purchased a new stake in Fortinet in the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd raised its position in 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 valued at $29,000 after buying an additional 284 shares during the last quarter. ORG Partners LLC raised its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in Fortinet in the 1st quarter valued at $35,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the 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 transaction, the vice president 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 disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Down 0.7%

FTNT stock opened at $78.77 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a market capitalization of $60.36 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 2.98 and a beta of 1.13. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a fifty day moving average of $94.69 and a 200-day moving average of $99.03.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FTNT. Citigroup reissued a "neutral" rating and issued a $85.00 price target (down from $110.00) on shares of Fortinet in a research report on Monday, August 18th. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. TD Cowen reaffirmed a "hold" rating and set a $105.00 target price on shares of Fortinet in a research report on Thursday, August 7th. Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Finally, Stifel Nicolaus decreased their target price on Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target 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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