DekaBank Deutsche Girozentrale Has $16.95 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

DekaBank Deutsche Girozentrale lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 62.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 253,910 shares of the software maker’s stock after selling 414,510 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Fortinet were worth $16,950,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vima LLC acquired a new stake in shares of Fortinet in the fourth quarter worth $25,000. Winthrop Capital Management LLC bought a new position in Fortinet in the first quarter worth $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC bought a new position in Fortinet in the fourth quarter worth $32,000. Finally, American National Bank lifted its position in Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after purchasing an additional 488 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,915 shares of company stock valued at $5,401,638. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FTNT shares. Cantor Fitzgerald cut their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Morgan Stanley reduced their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Jefferies Financial Group decreased their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Finally, Citigroup cut their price target on shares of Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $70.00.

Fortinet Stock Down 1.2 %

Shares of NASDAQ:FTNT traded down $0.69 during trading on Friday, hitting $56.51. 5,940,825 shares of the company were exchanged, compared to its average volume of 4,801,712. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $76.00. The company has a market capitalization of $43.17 billion, a P/E ratio of 36.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The business’s 50 day moving average is $59.16 and its 200-day moving average is $63.66.

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

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.