Charles Schwab Investment Management Inc. Has $220.28 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Charles Schwab Investment Management Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,763,607 shares of the software maker’s stock after selling 25,499 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Fortinet were worth $220,284,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cito Capital Group LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $660,000. Vontobel Holding Ltd. raised its stake in Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares during the last quarter. LGT Group Foundation lifted its stake in shares of Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after buying an additional 94,475 shares during the period. Finally, Alamar Capital Management LLC increased its stake in Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 0.3 %

Shares of Fortinet stock opened at $59.63 on Thursday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The business’s 50 day simple moving average is $66.93 and its 200 day simple moving average is $61.97. The firm has a market cap of $45.52 billion, a PE ratio of 38.97, a P/E/G ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on FTNT shares. Robert W. Baird reduced their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Royal Bank of Canada cut their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report 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. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. Finally, Jefferies Financial Group cut their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $70.37.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s 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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The shares were 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 in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is owned by insiders.

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.