Axa S.A. Sells 215,755 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Axa S.A. reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 61.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,199 shares of the software maker’s stock after selling 215,755 shares during the period. Axa S.A.’s holdings in Fortinet were worth $8,329,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Sanibel Captiva Trust Company Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $10,394,000. Advanced Portfolio Management LLC purchased a new stake in Fortinet in the 4th quarter valued at $1,537,000. GAMMA Investing LLC boosted its holdings in Fortinet by 26.9% during the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock worth $683,000 after acquiring an additional 2,118 shares during the last quarter. Sarasin & Partners LLP boosted its holdings in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares during the last quarter. Finally, Banque Cantonale Vaudoise grew its stake in shares of Fortinet by 71.1% in the 1st quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock worth $4,945,000 after acquiring an additional 30,084 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Scotiabank upped their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada raised their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

Shares of FTNT stock opened at $77.45 on Friday. The company has a market capitalization of $59.17 billion, a P/E ratio of 50.62, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.18. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a 50 day moving average price of $70.70 and a two-hundred day moving average price of $65.41.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 EPS. Analysts expect that Fortinet, Inc. will post 1.72 earnings per share for the current year.

Fortinet 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.