Union Bancaire Privee UBP SA Sells 3,788 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Union Bancaire Privee UBP SA lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,697 shares of the software maker's stock after selling 3,788 shares during the quarter. Union Bancaire Privee UBP SA's holdings in Fortinet were worth $2,160,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC raised its holdings in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Eagle Capital Management LLC raised its holdings in shares of Fortinet by 0.4% during the 1st 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. Fielder Capital Group LLC raised its holdings in shares of 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 purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FTNT shares. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wolfe Research started coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. Jefferies Financial Group lowered their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. BMO Capital Markets lowered their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Finally, Morgan Stanley lowered their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $104.80.

Fortinet Price Performance

Shares of Fortinet stock traded down $0.83 during trading on Friday, hitting $100.83. 3,422,968 shares of the company's stock traded hands, compared to its average volume of 4,973,035. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm's fifty day moving average price is $101.38 and its 200 day moving average price is $100.10. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $77.18 billion, a PE ratio of 44.62, a PEG ratio of 4.19 and a beta of 1.06.

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

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.