Fortinet, Inc. $FTNT Position Decreased by Danske Bank A S

Danske Bank A S decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 499,035 shares of the software maker’s stock after selling 36,699 shares during the period. Danske Bank A S’s holdings in Fortinet were worth $89,207,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Fortinet during the 2nd quarter worth $9,561,650,000. Bank of New York Mellon Corp purchased a new position in Fortinet in the second quarter worth $1,432,842,000. Legal & General Group Plc bought a new position in Fortinet in the second quarter valued at $979,062,000. First Trust Advisors LP increased its stake in Fortinet by 45.5% in the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after acquiring an additional 3,598,487 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after purchasing an additional 4,500,194 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FTNT shares. TD Cowen decreased their price objective on Fortinet from $225.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. UBS Group reaffirmed a “neutral” rating and issued a $200.00 target price on shares of Fortinet in a research note on Thursday, October 15th. Susquehanna reduced their price target on shares of Fortinet from $160.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, October 30th. Guggenheim reiterated a “buy” rating on shares of Fortinet in a research report on Thursday, October 29th. Finally, Deutsche Bank reissued a “hold” rating and set a $130.00 price target on shares of Fortinet in a research note on Thursday, October 29th. Eleven research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $150.44.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 161,483 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $129.31, for a total value of $20,881,366.73. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $6,849,857,423.32. This represents a 0.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total value of $478,377.90. Following the completion of the transaction, the chief operating officer owned 96,987 shares of the company’s stock, valued at approximately $16,365,586.38. The trade was a 2.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 221,304 shares of company stock valued at $30,675,309. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Trading Down 1.8%

NASDAQ:FTNT traded down $2.32 during midday trading on Friday, reaching $127.22. 3,260,456 shares of the stock traded hands, compared to its average volume of 6,410,847. The company has a fifty day moving average of $164.48 and a 200 day moving average of $130.65. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $197.13. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.28 and a current ratio of 1.40. The stock has a market capitalization of $93.47 billion, a P/E ratio of 41.31, a PEG ratio of 2.48 and a beta of 1.04.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. Fortinet’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 EPS. On average, research analysts predict that Fortinet, Inc. will post 3.21 EPS for the current year.

Fortinet Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.