MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,456,147 shares of the software maker’s stock after selling 33,501 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Fortinet were worth $137,582,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the fourth quarter worth approximately $27,000. Oarsman Capital Inc. grew its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC purchased a new stake in Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA purchased a new stake in Fortinet in the 4th quarter valued at about $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter valued at about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research analyst reports. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $95.00 price objective on the stock. in a report on Tuesday, May 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald lowered their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. UBS Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Susquehanna boosted their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $104.80.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 206,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 738,978 shares of company stock worth $74,135,907 in the last 90 days. 17.20% of the stock is owned by insiders.

Fortinet Stock Down 0.3%

Fortinet stock opened at $97.42 on Monday. The stock has a 50-day simple moving average of $98.26 and a 200-day simple moving average of $97.59. The company has a market capitalization of $74.50 billion, a P/E ratio of 43.11, a PEG ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 EPS. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.