OMERS ADMINISTRATION Corp Sells 8,915 Shares of Fortinet, Inc. (NASDAQ:FTNT)

OMERS ADMINISTRATION Corp decreased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,122 shares of the software maker's stock after selling 8,915 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Fortinet were worth $3,980,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Trilogy Capital Inc. increased its holdings in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. increased its holdings in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after acquiring an additional 169,530 shares in the last quarter. Milestone Asset Management LLC bought a new stake in shares of Fortinet in the fourth quarter worth about $1,690,000. Proficio Capital Partners LLC increased its holdings in shares of Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after acquiring an additional 544,357 shares in the last quarter. Finally, Jackson Wealth Management LLC bought a new stake in shares of Fortinet in the fourth quarter worth about $4,731,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 328 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 738,978 shares of company stock valued at $74,135,907. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

Shares of FTNT traded up $2.03 during mid-day trading on Friday, reaching $104.59. The company's stock had a trading volume of 4,506,022 shares, compared to its average volume of 4,963,266. 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 $80.05 billion, a P/E ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. The business has a 50-day simple moving average of $98.53 and a two-hundred day simple moving average of $98.16. 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 released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTNT. Roth Capital set a $103.00 price target on Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. KeyCorp decreased their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company decreased their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Finally, Stifel Nicolaus decreased their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $104.80.

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.