Bank Julius Baer & Co. Ltd Zurich Sells 5,171 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bank Julius Baer & Co. Ltd Zurich decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 213,088 shares of the software maker’s stock after selling 5,171 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Fortinet were worth $12,472,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FTNT. Nordea Investment Management AB lifted its position in Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after buying an additional 1,585,236 shares during the last quarter. DSM Capital Partners LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $75,698,000. Public Sector Pension Investment Board lifted its position in shares of Fortinet by 358.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after buying an additional 1,285,197 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Fortinet by 569.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock worth $56,585,000 after buying an additional 820,257 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 over the last three months. Insiders own 17.54% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on FTNT shares. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. The Goldman Sachs Group lifted their price target on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Wells Fargo & Company lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Susquehanna reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Fortinet Price Performance

NASDAQ:FTNT traded up $0.15 during midday trading on Friday, hitting $64.18. The company had a trading volume of 4,138,201 shares, compared to its average volume of 5,777,599. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The stock’s fifty day moving average price is $67.96 and its 200-day moving average price is $61.75. The company has a market capitalization of $48.97 billion, a PE ratio of 44.26, a P/E/G ratio of 2.91 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 1.39 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.