National Bank of Canada FI Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

National Bank of Canada FI decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 463,496 shares of the software maker’s stock after selling 127,236 shares during the period. National Bank of Canada FI’s holdings in Fortinet were worth $43,791,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after buying an additional 730,994 shares in the last quarter. State Street Corp boosted its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC grew its position in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet during the fourth quarter worth about $724,048,000. Finally, 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 worth $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.5 %

NASDAQ:FTNT opened at $98.08 on Thursday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm’s 50-day moving average price is $102.99 and its 200-day moving average price is $93.71. The company has a market capitalization of $75.42 billion, a PE ratio of 43.40, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTNT. Stifel Nicolaus upped their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Citigroup upped their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $105.77.

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.