Fortinet, Inc. (NASDAQ:FTNT) Position Trimmed by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 28.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 167,907 shares of the software maker's stock after selling 66,312 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Fortinet were worth $9,828,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Headinvest LLC bought a new stake in Fortinet in the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter worth $29,000. American National Bank lifted its holdings in Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker's stock valued at $35,000 after acquiring an additional 488 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Fortinet during the third quarter worth approximately $37,000. Finally, Rakuten Securities Inc. purchased a new position in Fortinet in the 4th quarter worth about $43,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 0.3 %

Shares of FTNT stock traded up $0.19 during trading hours on Friday, hitting $61.43. 2,799,682 shares of the company were exchanged, compared to its average volume of 6,686,397. The company has a market capitalization of $46.93 billion, a PE ratio of 40.15, a PEG ratio of 2.55 and a beta of 1.08. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The business has a 50 day moving average of $65.41 and a two-hundred day moving average of $62.17. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. Analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Mizuho dropped their target price on Fortinet from $70.00 to $66.00 and set a "neutral" rating on the stock in a report on Friday, May 3rd. Scotiabank cut their target price on shares of Fortinet from $90.00 to $80.00 and set a "sector outperform" rating for the company in a research report on Friday, May 3rd. Wells Fargo & Company dropped their price objective on Fortinet from $70.00 to $62.00 and set an "equal weight" rating on the stock in a research note on Friday, May 3rd. Truist Financial lowered their target price on Fortinet from $80.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Fortinet from $67.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus target price of $70.37.

Insider Activity

In related news, VP Michael Xie sold 24,710 shares of the firm's stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company's stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,710 shares of the business's stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company's stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. Insiders have sold 72,396 shares of company stock worth $4,838,534 over the last ninety days. Insiders own 17.54% of the company's stock.

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.