USS Investment Management Ltd Sells 14,672 Shares of Fortinet, Inc. (NASDAQ:FTNT)

USS Investment Management Ltd lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,719 shares of the software maker's stock after selling 14,672 shares during the quarter. USS Investment Management Ltd's holdings in Fortinet were worth $9,612,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Fortinet during the 4th quarter worth about $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet in the fourth quarter worth about $389,867,000. FMR LLC lifted its position in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research reports. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. UBS Group decreased their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. BMO Capital Markets dropped their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $104.80.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This represents a 2.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 715,478 shares of company stock valued at $71,467,247 over the last three months. Company insiders own 17.20% of the company's stock.

Fortinet Stock Up 2.1%

FTNT stock traded up $2.18 during mid-day trading on Tuesday, hitting $105.34. 1,346,618 shares of the company were exchanged, compared to its average volume of 4,965,807. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm's 50 day simple moving average is $99.39 and its 200 day simple moving average is $99.34. The firm has a market cap of $80.63 billion, a P/E ratio of 46.63, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 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 analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.43 earnings per share. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.