Johnson Financial Group Inc. Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Johnson Financial Group Inc. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 19.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,523 shares of the software maker’s stock after selling 3,792 shares during the period. Johnson Financial Group Inc.’s holdings in Fortinet were worth $909,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. increased its position in shares of Fortinet by 3.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 250,398 shares of the software maker’s stock worth $14,656,000 after acquiring an additional 9,203 shares in the last quarter. Skopos Labs Inc. acquired a new stake in shares of Fortinet in the fourth quarter worth $211,000. TCW Group Inc. acquired a new stake in shares of Fortinet in the fourth quarter worth $611,000. AXS Investments LLC grew its holdings in Fortinet by 9.0% during the 4th quarter. AXS Investments LLC now owns 38,083 shares of the software maker’s stock valued at $2,229,000 after purchasing an additional 3,158 shares in the last quarter. Finally, Frazier Financial Advisors LLC acquired a new stake in Fortinet during the 4th quarter valued at $47,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on FTNT. Evercore ISI lowered their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a report on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and set a $78.00 price target on shares of Fortinet in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price target on shares of Fortinet in a report on Friday, May 3rd. Royal Bank of Canada lowered their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. Finally, Cantor Fitzgerald lowered their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $70.10.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.42 during mid-day trading on Friday, hitting $61.35. The stock had a trading volume of 2,653,983 shares, compared to its average volume of 6,588,135. The stock has a market capitalization of $46.87 billion, a price-to-earnings ratio of 40.10, a P/E/G ratio of 3.00 and a beta of 1.08. The company has a 50 day simple moving average of $64.61 and a 200-day simple moving average of $62.43. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $0.29 EPS. On average, research analysts expect that Fortinet, Inc. will post 1.46 earnings per share 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 filing with the SEC, which can be accessed through this link. 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 filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,396 shares of company stock valued at $4,838,534. Company insiders own 18.00% of the company’s stock.

Fortinet Company 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.