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

BI Asset Management Fondsmaeglerselskab A S trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,889 shares of the software maker’s stock after selling 69,018 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Fortinet were worth $6,755,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Morgan Stanley raised its stake in shares of Fortinet by 1.3% during 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. Norges Bank purchased a new position in shares of Fortinet during the 4th quarter worth approximately $203,501,000. Van ECK Associates Corp raised its stake in shares of Fortinet by 0.9% during the 1st quarter. Van ECK Associates Corp now owns 2,953,153 shares of the software maker’s stock worth $201,730,000 after buying an additional 26,229 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Fortinet by 11.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,628,691 shares of the software maker’s stock worth $153,875,000 after buying an additional 267,759 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Fortinet by 2.9% during the 4th quarter. Schroder Investment Management Group now owns 2,618,816 shares of the software maker’s stock worth $153,279,000 after buying an additional 74,528 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 2.1 %

Shares of FTNT stock traded down $1.27 during mid-day trading on Wednesday, hitting $59.01. 968,163 shares of the company’s stock were exchanged, compared to its average volume of 5,790,074. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a 50-day simple moving average of $60.07 and a two-hundred day simple moving average of $63.92. The stock has a market cap of $45.08 billion, a price-to-earnings ratio of 38.97, a PEG ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the firm earned $0.29 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. As a group, analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet 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 in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Tuesday, June 11th. Robert W. Baird dropped their price objective on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Susquehanna dropped their price objective on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. BMO Capital Markets dropped their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $70.03.

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.