Slow Capital Inc. Sells 451 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Slow Capital Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,200 shares of the software maker’s stock after selling 451 shares during the period. Fortinet comprises about 0.8% of Slow Capital Inc.’s investment portfolio, making the stock its 26th largest position. Slow Capital Inc.’s holdings in Fortinet were worth $4,753,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Penserra Capital Management LLC raised its position in shares of Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after purchasing an additional 41 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in shares of Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after acquiring an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC boosted its holdings in shares of Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after acquiring an additional 50 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC boosted its holdings in shares of Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after acquiring an additional 66 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 0.4 %

Shares of FTNT traded up $0.24 during mid-day trading on Wednesday, reaching $64.72. The stock had a trading volume of 1,337,664 shares, compared to its average volume of 5,935,438. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The business’s fifty day moving average is $68.83 and its 200 day moving average is $61.48. The firm has a market cap of $49.38 billion, a price-to-earnings ratio of 44.86, a P/E/G ratio of 2.87 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet’s revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. On average, sell-side analysts predict that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 38,369 shares of the 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 transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, VP Michael Xie sold 38,369 shares of the 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 transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 108,147 shares of company stock valued at $7,424,394 over the last 90 days. 17.54% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. Scotiabank upped their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. Wedbush boosted their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Mizuho boosted their target price on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. UBS Group boosted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Finally, 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. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $72.35.

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.