Zurcher Kantonalbank Zurich Cantonalbank Sells 867 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 787,615 shares of the software maker’s stock after selling 867 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.10% of Fortinet worth $74,414,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FTNT. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter valued at about $26,000. Golden State Wealth Management LLC purchased a new position in Fortinet in the 4th quarter worth approximately $46,000. Private Trust Co. NA raised its holdings in Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares during the last quarter. R Squared Ltd purchased a new position in Fortinet in the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC raised its stake in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.4 %

Shares of Fortinet stock opened at $101.28 on Monday. The company has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company’s fifty day simple moving average is $102.06 and its 200-day simple moving average is $91.04. 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) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 87,120 shares of company stock valued at $8,991,409 in the last ninety days. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FTNT. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, BMO Capital Markets increased their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $103.72.

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.