Diversified Trust Co Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Diversified Trust Co decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 36.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,074 shares of the software maker’s stock after selling 6,300 shares during the period. Diversified Trust Co’s holdings in Fortinet were worth $756,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Fortinet in the 4th quarter valued at about $203,501,000. Sarasin & Partners LLP acquired a new position in shares of Fortinet during the 1st quarter worth approximately $120,746,000. Public Sector Pension Investment Board lifted its position in shares of Fortinet by 358.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after buying an additional 1,285,197 shares in the last quarter. Parnassus Investments LLC grew its stake in Fortinet by 223.6% in the 4th quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock valued at $79,979,000 after acquiring an additional 944,161 shares during the period. Finally, Carmignac Gestion increased its holdings in Fortinet by 3,383.8% in the 4th quarter. Carmignac Gestion now owns 720,902 shares of the software maker’s stock worth $42,194,000 after acquiring an additional 700,209 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $61.01 on Wednesday. The firm has a 50-day simple moving average of $60.43 and a two-hundred day simple moving average of $63.82. The stock has a market cap of $46.61 billion, a PE ratio of 39.88, a P/E/G ratio of 2.95 and a beta of 0.98. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results 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. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,638 shares of company stock valued at $5,705,568. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. HSBC dropped their target price on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research report on Friday, May 3rd. Truist Financial cut their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. decreased their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, May 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $70.03.

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.