Swiss National Bank lessened its position in Fortinet Inc (NASDAQ:FTNT) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 472,900 shares of the software maker’s stock after selling 10,000 shares during the period. Swiss National Bank owned about 0.28% of Fortinet worth $36,333,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the company. Comerica Bank boosted its stake in shares of Fortinet by 19.5% in the 2nd quarter. Comerica Bank now owns 71,069 shares of the software maker’s stock valued at $6,151,000 after purchasing an additional 11,604 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Fortinet by 13.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,516 shares of the software maker’s stock valued at $1,204,000 after purchasing an additional 1,668 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Fortinet by 69.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 89,569 shares of the software maker’s stock valued at $6,882,000 after purchasing an additional 36,607 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its stake in shares of Fortinet by 16.4% in the 2nd quarter. Candriam Luxembourg S.C.A. now owns 66,506 shares of the software maker’s stock valued at $5,087,000 after purchasing an additional 9,366 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its stake in shares of Fortinet by 38.5% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 1,381 shares of the software maker’s stock valued at $106,000 after purchasing an additional 384 shares in the last quarter. Institutional investors own 71.55% of the company’s stock.

Fortinet stock traded up $1.60 during trading hours on Wednesday, reaching $81.27. 10,932 shares of the company’s stock traded hands, compared to its average volume of 1,754,533. Fortinet Inc has a fifty-two week low of $64.41 and a fifty-two week high of $96.96. The firm has a market capitalization of $13.79 billion, a price-to-earnings ratio of 71.88, a PEG ratio of 3.68 and a beta of 1.08. The firm’s 50 day moving average is $83.00 and its 200-day moving average is $82.79.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The company had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was up 18.2% compared to the same quarter last year. On average, analysts forecast that Fortinet Inc will post 1.42 EPS for the current fiscal year.

FTNT has been the topic of several recent analyst reports. BidaskClub downgraded shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Wednesday. Barclays restated a “hold” rating and issued a $99.00 target price on shares of Fortinet in a research note on Sunday, August 4th. ValuEngine downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Cowen assumed coverage on shares of Fortinet in a research report on Thursday, May 23rd. They set a “market perform” rating and a $85.00 price target on the stock. Finally, Monness Crespi & Hardt reiterated a “buy” rating and set a $102.00 price target (up previously from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Fortinet presently has an average rating of “Hold” and a consensus price target of $87.96.

In other news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the completion of the sale, the director now directly owns 75,213 shares of the company’s stock, valued at approximately $6,071,193.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $75.23, for a total value of $94,037.50. Following the completion of the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $700,316.07. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,250 shares of company stock worth $2,991,958. Corporate insiders own 17.20% of the company’s stock.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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