Fortinet, Inc. (NASDAQ:FTNT) Stock Position Cut by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lessened its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,709 shares of the software maker's stock after selling 20,421 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Fortinet were worth $13,888,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. OneDigital Investment Advisors LLC grew its holdings in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after purchasing an additional 141 shares during the period. Natixis Advisors LLC grew its holdings in Fortinet by 2.2% in the third quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker's stock valued at $13,577,000 after purchasing an additional 3,836 shares during the period. Claro Advisors LLC purchased a new stake in Fortinet in the third quarter valued at approximately $487,000. Aviance Capital Partners LLC purchased a new stake in Fortinet in the third quarter valued at approximately $236,000. Finally, Pathstone Holdings LLC grew its holdings in Fortinet by 3.9% in the third quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker's stock valued at $4,525,000 after purchasing an additional 2,196 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FTNT shares. Cantor Fitzgerald boosted 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 boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Robert W. Baird reiterated a "neutral" rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $105.69.

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Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.20 on Friday, reaching $98.65. 5,778,320 shares of the company's stock were exchanged, compared to its average volume of 4,802,157. The firm has a market capitalization of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The business's 50-day moving average is $102.34 and its two-hundred day moving average is $92.42. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates 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, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

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

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.