Fortinet, Inc. (NASDAQ:FTNT) Stake Reduced by Terra Nova Asset Management LLC

Terra Nova Asset Management LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,345 shares of the software maker’s stock after selling 3,372 shares during the quarter. Fortinet comprises approximately 2.0% of Terra Nova Asset Management LLC’s holdings, making the stock its 16th largest position. Terra Nova Asset Management LLC’s holdings in Fortinet were worth $2,303,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortinet by 24.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after purchasing an additional 76,027 shares during the last quarter. Raymond James Trust N.A. increased its position in Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after purchasing an additional 441 shares during the last quarter. Zions Bancorporation N.A. increased its holdings in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of Fortinet by 209.4% during the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after acquiring an additional 1,049 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

FTNT stock opened at $68.31 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a 50-day moving average price of $68.12 and a 200-day moving average price of $60.76. The firm has a market cap of $52.12 billion, a PE ratio of 47.11, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. Fortinet’s revenue was up 10.3% on a year-over-year basis. As a group, equities research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 23,694 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 154,880 shares of company stock worth $10,233,981 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on FTNT. Morgan Stanley raised their price objective on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Wells Fargo & Company increased their target price on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. UBS Group raised their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. The Goldman Sachs Group raised their price target on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Finally, Wedbush lifted their target price on Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $71.55.

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.