Fortinet, Inc. $FTNT Shares Bought by Fjarde AP Fonden Fourth Swedish National Pension Fund

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 56.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 294,780 shares of the software maker’s stock after acquiring an additional 106,200 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Fortinet were worth $31,164,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Saudi Central Bank acquired a new stake in shares of Fortinet during the 1st quarter valued at $25,000. Clearstead Trust LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares during the last quarter. Finally, Mechanics Financial Corp acquired a new stake in shares of Fortinet during the 1st quarter valued at $36,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 0.3%

NASDAQ FTNT opened at $85.29 on Tuesday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $65.36 billion, a PE ratio of 33.98, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09. The firm’s fifty day simple moving average is $82.06 and its 200-day simple moving average is $93.83.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business posted $0.57 earnings per share. Fortinet’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Evercore ISI cut their target price 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. KeyCorp downgraded shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Friday, August 8th. Erste Group Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Morgan Stanley reissued an “underweight” rating and set a $67.00 target price (down from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

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.