Skandinaviska Enskilda Banken AB publ trimmed its position in Fortinet Inc (NASDAQ:FTNT) by 5.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,960 shares of the software maker’s stock after selling 1,304 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Fortinet were worth $2,525,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Farmers & Merchants Investments Inc. grew its holdings in shares of Fortinet by 260.9% during the first quarter. Farmers & Merchants Investments Inc. now owns 249 shares of the software maker’s stock worth $25,000 after buying an additional 180 shares in the last quarter. Verus Capital Partners LLC acquired a new position in Fortinet during the 1st quarter worth approximately $31,000. Harwood Advisory Group LLC acquired a new position in Fortinet during the 1st quarter worth approximately $34,000. First Manhattan Co. bought a new position in shares of Fortinet during the 1st quarter worth approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Fortinet by 15.2% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 584 shares of the software maker’s stock valued at $59,000 after purchasing an additional 77 shares during the last quarter. 72.10% of the stock is owned by institutional investors.

Fortinet stock opened at $134.55 on Tuesday. The company has a market capitalization of $21.75 billion, a price-to-earnings ratio of 62.87, a PEG ratio of 4.98 and a beta of 1.00. Fortinet Inc has a 12 month low of $70.20 and a 12 month high of $149.69. The stock’s 50 day moving average is $138.52 and its 200-day moving average is $115.28.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. The firm had revenue of $576.90 million for the quarter, compared to analysts’ expectations of $554.22 million. Fortinet had a return on equity of 32.91% and a net margin of 16.44%. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.46 EPS. Sell-side analysts predict that Fortinet Inc will post 1.93 EPS for the current year.

A number of research analysts recently weighed in on FTNT shares. Wedbush raised their target price on shares of Fortinet from $150.00 to $170.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Citigroup increased their price objective on shares of Fortinet from $88.00 to $92.00 and gave the stock a “sell” rating in a research note on Friday, May 8th. BTIG Research assumed coverage on Fortinet in a research report on Friday, March 27th. They issued a “neutral” rating on the stock. UBS Group upped their target price on Fortinet from $115.00 to $122.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Credit Suisse Group raised their price target on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $123.88.

In other news, VP John Whittle sold 700 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $144.83, for a total transaction of $101,381.00. Following the completion of the sale, the vice president now owns 1,894 shares of the company’s stock, valued at approximately $274,308.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 2,835 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $105.63, for a total transaction of $299,461.05. Following the sale, the vice president now owns 6,168,500 shares in the company, valued at approximately $651,578,655. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,728 shares of company stock worth $5,900,055. Corporate insiders own 18.20% of the company’s stock.

Fortinet Company 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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