Vontobel Holding Ltd. Sells 55,397 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Vontobel Holding Ltd. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 415,159 shares of the software maker's stock after selling 55,397 shares during the period. Vontobel Holding Ltd. owned about 0.05% of Fortinet worth $39,963,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Alta Advisers Ltd acquired a new stake in Fortinet in the first quarter worth $328,000. Koshinski Asset Management Inc. acquired a new stake in shares of Fortinet in the 1st quarter worth about $385,000. Spinnaker Trust bought a new stake in Fortinet in the 1st quarter valued at about $433,000. MorganRosel Wealth Management LLC acquired a new position in Fortinet during the 1st quarter valued at about $183,000. Finally, Northwest Wealth Management LLC boosted its stake in Fortinet by 36.3% during the 1st quarter. Northwest Wealth Management LLC now owns 2,956 shares of the software maker's stock valued at $285,000 after purchasing an additional 788 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Up 3.0%

NASDAQ FTNT traded up $3.05 during trading on Thursday, hitting $105.26. 2,862,881 shares of the company traded hands, compared to its average volume of 4,850,459. The company has a market capitalization of $80.57 billion, a P/E ratio of 43.32, a PEG ratio of 3.53 and a beta of 1.06. The business has a fifty day simple moving average of $103.07 and a 200 day simple moving average of $100.58. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 earnings per share. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. BMO Capital Markets cut their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Wolfe Research assumed coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Scotiabank dropped their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. UBS Group cut their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average target price of $105.62.

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.