Harvest Fund Management Co. Ltd Sells 4,159 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Harvest Fund Management Co. Ltd decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 38.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 6,748 shares of the software maker’s stock after selling 4,159 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Fortinet were worth $393,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NewSquare Capital LLC purchased a new stake in Fortinet during the 4th quarter worth about $59,000. GAMMA Investing LLC purchased a new stake in Fortinet during the 4th quarter worth about $508,000. Linden Thomas Advisory Services LLC lifted its holdings in Fortinet by 4.8% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 19,750 shares of the software maker’s stock worth $1,156,000 after purchasing an additional 907 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Fortinet by 31.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,059 shares of the software maker’s stock worth $62,000 after purchasing an additional 256 shares in the last quarter. Finally, Masso Torrence Wealth Management Inc. purchased a new stake in Fortinet during the 4th quarter worth about $252,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.0 %

Shares of NASDAQ FTNT traded up $0.65 during mid-day trading on Wednesday, hitting $65.45. 3,799,761 shares of the stock traded hands, compared to its average volume of 5,824,578. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market cap of $49.94 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 2.83 and a beta of 1.08. The stock has a fifty day moving average price of $68.28 and a 200-day moving average price of $61.67.

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

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on 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 sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock worth $8,977,876 over the last ninety days. 17.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FTNT shares. Citigroup cut Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Susquehanna reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Tuesday, February 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company raised their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.19.

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.