AtonRa Partners Sells 567 Shares of Fortinet, Inc. (NASDAQ:FTNT)

AtonRa Partners decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,602 shares of the software maker’s stock after selling 567 shares during the period. AtonRa Partners’ holdings in Fortinet were worth $211,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares in the last quarter. Morgan Stanley grew its stake in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after buying an additional 108,548 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after buying an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after buying an additional 153,119 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Michael Xie sold 38,369 shares of the firm’s 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 completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s 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 transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now 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 132,139 shares of company stock valued at $8,977,876 in the last quarter. Insiders own 17.54% of the company’s stock.

Fortinet Trading Down 0.0 %

NASDAQ:FTNT traded down $0.03 on Tuesday, hitting $64.27. The stock had a trading volume of 997,838 shares, compared to its average volume of 5,695,531. The company has a fifty day moving average price of $67.88 and a two-hundred day moving average price of $61.83. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.04 billion, a price-to-earnings ratio of 44.34, a PEG ratio of 2.85 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. Equities research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Wedbush upped their price target on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. BMO Capital Markets lifted their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. 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, Stifel Nicolaus lifted their target price on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $72.19.

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.