Franklin Resources Inc. Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Franklin Resources Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 10.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 422,189 shares of the software maker’s stock after selling 48,036 shares during the period. Franklin Resources Inc. owned 0.05% of Fortinet worth $24,711,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Renaissance Group LLC lifted its holdings in Fortinet by 4.2% during the fourth quarter. Renaissance Group LLC now owns 454,852 shares of the software maker’s stock worth $26,618,000 after acquiring an additional 18,396 shares during the period. Quest Partners LLC bought a new stake in shares of Fortinet during the 4th quarter worth $196,000. STF Management LP boosted its holdings in shares of Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after buying an additional 187 shares during the last quarter. Corient Private Wealth LLC grew its position in Fortinet by 36.9% during the fourth quarter. Corient Private Wealth LLC now owns 144,429 shares of the software maker’s stock valued at $8,453,000 after buying an additional 38,931 shares during the period. Finally, D.A. Davidson & CO. increased its holdings in Fortinet by 2.5% during the fourth quarter. D.A. Davidson & CO. now owns 26,350 shares of the software maker’s stock worth $1,542,000 after buying an additional 649 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FTNT shares. Cantor Fitzgerald reduced their target price on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Barclays decreased their target price on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Royal Bank of Canada dropped their price target 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. Morgan Stanley cut their price target on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Finally, Stifel Nicolaus upped their price objective on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $70.10.

View Our Latest Stock Analysis on Fortinet

Fortinet Trading Up 0.7 %

Shares of FTNT stock opened at $61.35 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The firm has a market cap of $46.87 billion, a P/E ratio of 40.10, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08. The business has a 50-day moving average price of $64.48 and a two-hundred day moving average price of $62.60. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. 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 previous year, the company posted $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value 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 $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Michael Xie sold 24,710 shares of Fortinet 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 transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction on 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 72,396 shares of company stock valued at $4,838,534. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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