Natixis Advisors L.P. Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

Natixis Advisors L.P. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 168,626 shares of the software maker’s stock after selling 14,748 shares during the period. Natixis Advisors L.P.’s holdings in Fortinet were worth $9,869,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cito Capital Group LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $660,000. Vontobel Holding Ltd. boosted its holdings in shares of Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after buying an additional 38,751 shares during the period. LGT Group Foundation raised its position in shares of Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after buying an additional 94,475 shares during the period. Finally, Alamar Capital Management LLC raised its position in shares of Fortinet by 12.5% during the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after buying an additional 7,110 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were 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 owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, 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 worth $8,021,556 over the last 90 days. Corporate insiders own 17.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. Wedbush reaffirmed an “outperform” rating and set a $86.00 price target on shares of Fortinet in a research report on Wednesday, May 1st. Barclays reduced their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Sanford C. Bernstein started coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target on the stock. Piper Sandler reduced their price target on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, Royal Bank of Canada cut their target price on Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $70.37.

Fortinet Stock Performance

Shares of FTNT stock opened at $59.63 on Thursday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The firm has a fifty day moving average price of $66.93 and a 200 day moving average price of $61.97. The company has a market cap of $45.52 billion, a P/E ratio of 38.97, a PEG ratio of 2.60 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Fortinet’s revenue for the quarter was up 7.2% on a year-over-year basis. Sell-side analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal 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.