Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Snowden Capital Advisors LLC

Snowden Capital Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,325 shares of the software maker’s stock after selling 392 shares during the quarter. Snowden Capital Advisors LLC’s holdings in Fortinet were worth $503,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Norges Bank acquired a new stake in Fortinet during the fourth quarter worth approximately $724,048,000. Schroder Investment Management Group acquired a new position in shares of Fortinet in the 4th quarter valued at $389,867,000. FMR LLC increased its holdings 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 acquiring an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. increased its holdings in shares of Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after acquiring an additional 2,064,016 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $104.79 on Wednesday. The firm has a market cap of $80.21 billion, a price-to-earnings ratio of 46.37, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. 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 company’s 50-day moving average is $98.89 and its two-hundred day moving average is $98.65. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

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

Insider Activity

In other news, VP Michael Xie sold 326,784 shares of the business’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 completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,488 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 715,478 shares of company stock valued at $71,467,247 in the last 90 days. 17.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Royal Bank of Canada cut their target price on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Susquehanna lifted 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. Jefferies Financial Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $104.80.

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.