Machina Capital S.A.S. Sells 1,891 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Machina Capital S.A.S. lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,076 shares of the software maker’s stock after selling 1,891 shares during the period. Machina Capital S.A.S.’s holdings in Fortinet were worth $882,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Commonwealth Equity Services LLC boosted its position in Fortinet by 7.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock valued at $7,577,000 after acquiring an additional 8,402 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Fortinet by 26.6% during the third quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock worth $335,000 after purchasing an additional 1,201 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Fortinet by 5.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock valued at $7,220,000 after purchasing an additional 6,815 shares during the last quarter. Forsta AP Fonden grew its position in shares of Fortinet by 3.7% during the third quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock worth $7,898,000 after acquiring an additional 4,800 shares during the last quarter. Finally, Compass Wealth Management LLC acquired a new stake in Fortinet in the third quarter valued at $64,000. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. In the last three months, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. BMO Capital Markets lowered their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a report on Friday. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Capital One Financial downgraded Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a report on Friday. Finally, Jefferies Financial Group reduced their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $70.37.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.62 during trading on Tuesday, reaching $59.43. The company’s stock had a trading volume of 18,368,124 shares, compared to its average volume of 6,093,138. The stock has a 50-day moving average price of $67.34 and a two-hundred day moving average price of $61.96. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The stock has a market capitalization of $45.36 billion, a P/E ratio of 38.44, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.4 EPS for the current fiscal 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.