Kingfisher Capital LLC Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Kingfisher Capital LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,541 shares of the software maker’s stock after selling 1,119 shares during the quarter. Kingfisher Capital LLC’s holdings in Fortinet were worth $2,431,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its stake in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after buying an additional 5,765,174 shares in the last quarter. Morgan Stanley grew its stake in shares of Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after buying an additional 108,548 shares in the last quarter. Invesco Ltd. grew its stake in shares of Fortinet by 5.1% in the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after buying an additional 269,202 shares in the last quarter. Norges Bank acquired a new stake in shares of Fortinet in the fourth quarter valued at about $203,501,000. Finally, Van ECK Associates Corp grew its stake in shares of Fortinet by 17.6% in the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after buying an additional 438,476 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT traded up $0.77 on Wednesday, hitting $60.51. The company’s stock had a trading volume of 3,680,885 shares, compared to its average volume of 5,824,536. The company has a market capitalization of $46.23 billion, a PE ratio of 38.86, a PEG ratio of 2.94 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a 50 day moving average price of $62.57 and a 200 day moving average price of $63.19.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the business earned $0.29 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, research analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on 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 completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ken Xie sold 23,992 shares of the company’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 sale, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on 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 completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,403 shares of company stock valued at $4,262,858. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on FTNT shares. Barclays reduced their price target on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday. Evercore ISI reduced their price target on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a report on Friday, May 3rd. Wells Fargo & Company reduced their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Finally, Susquehanna reduced their price target on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $70.10.

Get Our Latest Report on FTNT

Fortinet Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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