LGT Fund Management Co Ltd. Sells 61,061 Shares of Fortinet, Inc. $FTNT

LGT Fund Management Co Ltd. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 42.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,126 shares of the software maker’s stock after selling 61,061 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Fortinet were worth $8,682,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. Invesco Ltd. increased its position in Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after purchasing an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Fortinet by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after acquiring an additional 1,026,277 shares during the period. Northern Trust Corp increased its position in Fortinet by 0.8% in the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after acquiring an additional 49,238 shares during the period. Finally, AQR Capital Management LLC increased its position in Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after acquiring an additional 1,733,670 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

FTNT opened at $85.79 on Friday. The company has a market capitalization of $65.74 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 3.26 and a beta of 1.09. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $83.35 and a 200-day moving average price of $95.08. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 earnings per share. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on FTNT shares. Barclays decreased their price target on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Evercore ISI dropped their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research note on Friday, August 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $97.03.

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.