BI Asset Management Fondsmaeglerselskab A S Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

BI Asset Management Fondsmaeglerselskab A S reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,889 shares of the software maker’s stock after selling 69,018 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Fortinet were worth $6,755,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FTNT. Toroso Investments LLC lifted its stake in shares of Fortinet by 21.3% during the 3rd quarter. Toroso Investments LLC now owns 30,701 shares of the software maker’s stock worth $1,802,000 after purchasing an additional 5,398 shares during the last quarter. Morgan Stanley raised its stake in Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after buying an additional 108,548 shares during the last quarter. Belpointe Asset Management LLC raised its stake in Fortinet by 8.3% in the third quarter. Belpointe Asset Management LLC now owns 7,650 shares of the software maker’s stock valued at $449,000 after buying an additional 589 shares during the last quarter. Creative Planning raised its stake in Fortinet by 52.2% in the third quarter. Creative Planning now owns 115,280 shares of the software maker’s stock valued at $6,765,000 after buying an additional 39,551 shares during the last quarter. Finally, Comerica Bank raised its stake in Fortinet by 251.8% in the third quarter. Comerica Bank now owns 307,911 shares of the software maker’s stock valued at $18,068,000 after buying an additional 220,388 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Royal Bank of Canada decreased their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Piper Sandler decreased their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Evercore ISI cut their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday, May 3rd. Morgan Stanley cut their price objective on Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Finally, BMO Capital Markets cut their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $70.03.

Fortinet Price Performance

FTNT stock traded down $1.27 during mid-day trading on Wednesday, reaching $59.01. 968,163 shares of the company’s stock were exchanged, compared to its average volume of 5,790,074. The company has a market cap of $45.08 billion, a price-to-earnings ratio of 38.97, a price-to-earnings-growth ratio of 2.93 and a beta of 0.98. The stock’s 50 day moving average is $60.07 and its 200 day moving average is $63.92. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 1.47 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.