Metis Global Partners LLC Has $1.47 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Metis Global Partners LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,075 shares of the software maker’s stock after selling 2,347 shares during the quarter. Metis Global Partners LLC’s holdings in Fortinet were worth $1,468,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FTNT. Headinvest LLC acquired a new stake in Fortinet in the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $37,000. Rakuten Securities Inc. bought a new position in Fortinet in the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC acquired a new position in Fortinet during the 4th quarter worth $46,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

Shares of FTNT opened at $59.00 on Wednesday. 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 12 month low of $44.12 and a 12 month high of $81.24. The firm has a fifty day simple moving average of $67.13 and a 200 day simple moving average of $61.98. The stock has a market capitalization of $45.04 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted 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 company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 EPS. Research analysts forecast that Fortinet, Inc. will post 1.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Mizuho dropped their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Royal Bank of Canada reduced their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Friday, May 3rd. BMO Capital Markets dropped their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, May 3rd. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, UBS Group lifted their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $70.37.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred 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 sale, 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 SEC, which is available at this link. In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated 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 in the company, valued at $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 in the last 90 days. 17.54% of the stock is currently owned by insiders.

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.