Harvest Fund Management Co. Ltd Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

Harvest Fund Management Co. Ltd reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 38.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,748 shares of the software maker’s stock after selling 4,159 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Fortinet were worth $393,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FTNT. Cito Capital Group LLC purchased a new position in Fortinet during the 3rd quarter valued at approximately $660,000. Vontobel Holding Ltd. grew its stake in Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares during the last quarter. Alamar Capital Management LLC grew its stake in Fortinet by 12.5% during the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after purchasing an additional 7,110 shares during the last quarter. Finally, Marshall Financial Group LLC acquired a new position in shares of Fortinet in the 4th quarter valued at about $1,487,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction 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 completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Cantor Fitzgerald reissued a “neutral” rating and set a $65.00 price objective on shares of Fortinet in a research note on Wednesday, April 17th. Capital One Financial downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. The Goldman Sachs Group increased their price objective on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 7th. Finally, Truist Financial lifted their price objective on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Up 1.0 %

NASDAQ FTNT traded up $0.65 on Wednesday, hitting $65.45. The stock had a trading volume of 3,799,761 shares, compared to its average volume of 5,824,578. The business’s fifty day moving average price is $68.28 and its 200 day moving average price is $61.67. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The stock has a market cap of $49.94 billion, a price-to-earnings ratio of 44.69, a price-to-earnings-growth ratio of 2.83 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

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.