Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Cut by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,949 shares of the software maker’s stock after selling 1,366 shares during the period. E Fund Management Co. Ltd.’s holdings in Fortinet were worth $699,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nordea Investment Management AB boosted its holdings in Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares in the last quarter. Morgan Stanley boosted its position in shares of Fortinet by 1.3% in the third 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 during the period. Invesco Ltd. grew its stake in Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after acquiring an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fortinet by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after purchasing an additional 153,119 shares during the period. Finally, Van ECK Associates Corp grew its position in Fortinet by 17.6% during the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after purchasing an additional 438,476 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was 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 directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on FTNT shares. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Tuesday, February 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Wells Fargo & Company reduced their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a research report on Thursday, February 8th. Finally, Mizuho decreased their target price on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $70.37.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.20 during midday trading on Wednesday, reaching $59.63. 10,882,776 shares of the company traded hands, compared to its average volume of 6,173,643. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The stock’s 50-day simple moving average is $66.93 and its 200-day simple moving average is $61.97. The firm has a market cap of $45.52 billion, a PE ratio of 38.97, a PEG ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $0.29 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

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.