Ameriprise Financial Inc. Sells 35,015 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ameriprise Financial Inc. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,604,399 shares of the software maker's stock after selling 35,015 shares during the quarter. Ameriprise Financial Inc. owned 0.47% of Fortinet worth $340,552,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after acquiring an additional 730,994 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. raised its position in Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank bought a new position in Fortinet in the 4th quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on FTNT shares. Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Raymond James reissued a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Cantor Fitzgerald reduced their price target on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, Morgan Stanley reduced their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $104.80.

Fortinet Stock Performance

Shares of FTNT traded down $0.32 during mid-day trading on Friday, reaching $97.42. The company's stock had a trading volume of 5,719,600 shares, compared to its average volume of 4,946,647. The business has a 50-day simple moving average of $98.26 and a two-hundred day simple moving average of $97.36. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock has a market cap of $74.50 billion, a P/E ratio of 43.11, a PEG ratio of 4.19 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned $0.43 earnings per share. The company's revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,660 shares of the company's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 738,978 shares of company stock worth $74,135,907. Company insiders own 17.20% of the company's stock.

About Fortinet

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.