The Manufacturers Life Insurance Company Sells 8,258 Shares of Fortinet, Inc. (NASDAQ:FTNT)

The Manufacturers Life Insurance Company trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 409,676 shares of the software maker’s stock after selling 8,258 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of Fortinet worth $24,691,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD raised its holdings in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Swedbank AB acquired a new position in Fortinet during the first quarter worth $548,013,000. Marshall Wace LLP lifted its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. Van ECK Associates Corp boosted its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP bought a new stake in shares of Fortinet in the 1st quarter worth about $120,746,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 sale, 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 Securities & Exchange Commission, which is available at this link. In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the 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 completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Robert W. Baird raised their price target on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Barclays cut their price objective on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Finally, Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $71.57.

Fortinet Price Performance

NASDAQ FTNT opened at $76.49 on Wednesday. The stock has a market cap of $58.43 billion, a price-to-earnings ratio of 49.99, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.50. 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 business has a 50 day simple moving average of $71.46 and a 200 day simple moving average of $65.52.

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