Wright Investors Service Inc. Sells 6,631 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wright Investors Service Inc. cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 22.3% during the 4th quarter, Holdings Channel reports. The fund owned 23,066 shares of the software maker’s stock after selling 6,631 shares during the period. Wright Investors Service Inc.’s holdings in Fortinet were worth $1,350,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Livforsakringsbolaget Skandia Omsesidigt raised its position in Fortinet by 71.2% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,712 shares of the software maker’s stock worth $100,000 after acquiring an additional 712 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Fortinet by 28.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 163,676 shares of the software maker’s stock worth $9,580,000 after purchasing an additional 36,024 shares in the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth $43,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Fortinet by 36.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,213,826 shares of the software maker’s stock worth $71,045,000 after purchasing an additional 323,328 shares in the last quarter. Finally, Everence Capital Management Inc. increased its stake in shares of Fortinet by 42.9% in the fourth quarter. Everence Capital Management Inc. now owns 12,990 shares of the software maker’s stock worth $760,000 after purchasing an additional 3,900 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.1 %

NASDAQ FTNT traded up $0.09 during trading on Thursday, reaching $64.75. 679,896 shares of the company’s stock traded hands, compared to its average volume of 5,891,445. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm has a market cap of $49.41 billion, a price-to-earnings ratio of 44.31, a price-to-earnings-growth ratio of 2.86 and a beta of 1.08. The company’s 50 day simple moving average is $68.72 and its two-hundred day simple moving average is $61.50. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’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 transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. In the last quarter, insiders have sold 132,139 shares of company stock valued at $8,977,876. Company insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTNT shares. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Piper Sandler reissued a “neutral” rating and issued a $75.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Wells Fargo & Company increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Susquehanna reaffirmed a “neutral” rating and set a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada raised their target price on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $72.19.

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.