Fortinet, Inc. (NASDAQ:FTNT) Stock Position Reduced by Swedbank AB

Swedbank AB decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,788,846 shares of the software maker's stock after selling 2,015,745 shares during the quarter. Swedbank AB owned approximately 0.62% of Fortinet worth $452,450,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board lifted its holdings in shares of Fortinet by 82.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker's stock valued at $1,354,000 after purchasing an additional 10,125 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Fortinet in the 2nd quarter valued at $1,314,000. Algert Global LLC acquired a new stake in Fortinet in the second quarter valued at about $502,000. Creative Planning boosted its holdings in Fortinet by 6.8% in the 2nd quarter. Creative Planning now owns 163,367 shares of the software maker's stock valued at $9,846,000 after purchasing an additional 10,365 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its holdings in shares of Fortinet by 4.1% in the 2nd quarter. Sunbelt Securities Inc. now owns 18,774 shares of the software maker's stock valued at $1,132,000 after buying an additional 744 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT traded down $0.50 during midday trading on Wednesday, hitting $99.33. 3,117,337 shares of the stock traded hands, compared to its average volume of 4,074,054. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The firm has a market capitalization of $76.13 billion, a PE ratio of 50.17, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The business's 50 day moving average price is $96.12 and its two-hundred day moving average price is $82.56.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business earned $0.35 earnings per share. Equities research analysts predict that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FTNT. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research report on Friday, January 24th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, November 22nd. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. Finally, Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $96.83.

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.