Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 82.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,711 shares of the software maker's stock after selling 221,603 shares during the period. Migdal Insurance & Financial Holdings Ltd.'s holdings in Fortinet were worth $2,885,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Headinvest LLC purchased a new stake in Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new position in Fortinet during the fourth quarter valued at approximately $29,000. Retirement Group LLC purchased a new position in shares of Fortinet during the fourth quarter worth approximately $30,000. Resurgent Financial Advisors LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in Fortinet in the 3rd quarter worth $37,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTNT shares. HSBC downgraded Fortinet from a "hold" rating to a "reduce" rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 7th. Scotiabank upped their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a "sector outperform" rating in a research note on Wednesday, February 7th. DZ Bank downgraded Fortinet from a "hold" rating to a "sell" rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Mizuho increased their price objective on Fortinet from $60.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, February 7th. Finally, BMO Capital Markets upped their target price on Fortinet from $70.00 to $82.00 and gave the company a "market perform" rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average price target of $72.03.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 46,084 shares of the firm's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares of the company's stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 108,147 shares of company stock valued at $7,424,394 in the last quarter. 17.54% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.18 during trading on Wednesday, hitting $64.66. The company's stock had a trading volume of 3,278,441 shares, compared to its average volume of 5,963,011. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The firm has a market cap of $49.34 billion, a price-to-earnings ratio of 44.59, a P/E/G ratio of 2.87 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company has a 50-day moving average of $68.83 and a 200-day moving average of $61.48.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. Fortinet's revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current 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.