Swedbank AB Has $452.45 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Swedbank AB lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 29.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,788,846 shares of the software maker’s stock after selling 2,015,745 shares during the quarter. Swedbank AB’s holdings in Fortinet were worth $452,450,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board raised its position in Fortinet by 82.1% during the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after purchasing an additional 10,125 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Fortinet during the 2nd quarter worth $1,314,000. Algert Global LLC acquired a new position in shares of Fortinet during the 2nd quarter worth $502,000. Creative Planning boosted its stake in Fortinet by 6.8% in the second quarter. Creative Planning now owns 163,367 shares of the software maker’s stock valued at $9,846,000 after buying an additional 10,365 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its position in Fortinet by 4.1% in the second quarter. Sunbelt Securities Inc. now owns 18,774 shares of the software maker’s stock valued at $1,132,000 after acquiring an additional 744 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTNT shares. The Goldman Sachs Group raised their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Wells Fargo & Company raised their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Bank of America boosted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $96.83.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

FTNT traded down $1.45 on Wednesday, hitting $98.38. The company’s stock had a trading volume of 385,894 shares, compared to its average volume of 3,912,873. The company’s 50 day simple moving average is $95.98 and its 200-day simple moving average is $82.45. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The firm has a market cap of $75.40 billion, a P/E ratio of 49.74, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the previous year, the business earned $0.35 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current 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.