Weatherly Asset Management L. P. Has $7.08 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Weatherly Asset Management L. P. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,995 shares of the software maker’s stock after selling 2,065 shares during the quarter. Fortinet accounts for approximately 0.8% of Weatherly Asset Management L. P.’s portfolio, making the stock its 28th largest position. Weatherly Asset Management L. P.’s holdings in Fortinet were worth $7,082,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FTNT. Nordea Investment Management AB grew its holdings in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Fortinet by 79.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after acquiring an additional 1,585,236 shares during the period. DSM Capital Partners LLC purchased a new stake in Fortinet in the third quarter worth about $75,698,000. Public Sector Pension Investment Board grew its position in shares of Fortinet by 358.1% during the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after purchasing an additional 1,285,197 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Fortinet by 569.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock valued at $56,585,000 after buying an additional 820,257 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,139 shares of company stock worth $8,977,876. Corporate insiders own 17.54% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT traded up $1.11 on Tuesday, reaching $64.80. 3,540,044 shares of the company’s stock traded hands, compared to its average volume of 5,850,670. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a 50-day simple moving average of $68.37 and a 200 day simple moving average of $61.64. The stock has a market cap of $49.44 billion, a PE ratio of 44.69, a P/E/G ratio of 2.81 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the business earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Wedbush boosted their price objective on Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Wells Fargo & Company increased their price objective on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $65.00 target price on shares of Fortinet in a report on Wednesday, April 17th. Finally, Piper Sandler restated a “neutral” rating and issued a $75.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.19.

About Fortinet

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.