MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 33,501 Shares of Fortinet, Inc. (NASDAQ:FTNT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,456,147 shares of the software maker's stock after selling 33,501 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.19% of Fortinet worth $137,582,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. lifted its position in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC bought a new position in Fortinet in the 4th quarter valued at approximately $43,000. Banque Transatlantique SA bought a new position in Fortinet in the 4th quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter valued at approximately $46,000. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on FTNT. UBS Group reduced their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday. Citigroup increased their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Susquehanna lifted their price objective on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Finally, The Goldman Sachs Group lifted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $104.80.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 328 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the company's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $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. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Performance

FTNT opened at $97.42 on Monday. The firm's fifty day simple moving average is $98.26 and its two-hundred day simple moving average is $97.59. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a market cap of $74.50 billion, a price-to-earnings ratio of 43.11, a PEG ratio of 4.19 and a beta of 1.16. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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

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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