AGF Management Ltd. Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

AGF Management Ltd. cut its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 88.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,444 shares of the software maker's stock after selling 43,488 shares during the period. AGF Management Ltd.'s holdings in Fortinet were worth $514,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. State Street Corp raised its holdings in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Amundi raised its holdings in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock valued at $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock valued at $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock valued at $375,523,000 after purchasing an additional 156,766 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last 90 days. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of several research reports. Robert W. Baird reissued a "neutral" rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday, November 19th. Cantor Fitzgerald upped their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.69.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $1.26 during midday trading on Wednesday, reaching $98.17. 4,313,491 shares of the company were exchanged, compared to its average volume of 4,782,148. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business's fifty day moving average is $102.17 and its two-hundred day moving average is $92.08. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $75.49 billion, a PE ratio of 43.44, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current 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.