Natixis Sells 84,409 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Natixis trimmed its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 36.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 146,535 shares of the software maker's stock after selling 84,409 shares during the quarter. Natixis' holdings in Fortinet were worth $13,845,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Norges Bank acquired a new stake in Fortinet during the 4th quarter worth $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet during the 4th quarter valued at about $389,867,000. FMR LLC grew its position in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after buying an additional 2,064,016 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of several research reports. Susquehanna boosted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Rosenblatt Securities boosted their price target on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a report on Friday, February 7th. The Goldman Sachs Group increased their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Morgan Stanley cut their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average target price of $104.77.

Fortinet Stock Performance

NASDAQ FTNT traded up $3.72 during trading on Thursday, reaching $100.72. The company's stock had a trading volume of 4,085,665 shares, compared to its average volume of 5,080,769. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a 50 day moving average price of $99.80 and a 200 day moving average price of $95.52. The firm has a market capitalization of $77.45 billion, a price-to-earnings ratio of 44.57, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares of the company's stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock valued at $56,944,064 over the last quarter. 18.00% of the stock is owned by corporate insiders.

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.