Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.5% in the 4th quarter, HoldingsChannel reports. The fund owned 42,122 shares of the software maker’s stock after selling 8,915 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Fortinet were worth $3,980,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FTNT. Lazard Asset Management LLC grew its stake in shares of Fortinet by 42.7% during the fourth quarter. Lazard Asset Management LLC now owns 286,416 shares of the software maker’s stock worth $27,059,000 after purchasing an additional 85,714 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in Fortinet by 29.0% during the 4th quarter. Investment Management Corp of Ontario now owns 27,872 shares of the software maker’s stock worth $2,633,000 after buying an additional 6,271 shares during the last quarter. Jefferies Financial Group Inc. boosted its position in shares of Fortinet by 48.7% during the 4th quarter. Jefferies Financial Group Inc. now owns 41,728 shares of the software maker’s stock worth $3,942,000 after acquiring an additional 13,669 shares in the last quarter. Geller Advisors LLC acquired a new position in shares of Fortinet during the 4th quarter worth about $225,000. Finally, Gotham Asset Management LLC increased its holdings in shares of Fortinet by 11.0% in the 4th quarter. Gotham Asset Management LLC now owns 81,486 shares of the software maker’s stock valued at $7,699,000 after acquiring an additional 8,081 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This represents a 78.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 738,978 shares of company stock valued at $74,135,907. Insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FTNT shares. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Wells Fargo & Company decreased their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. Morgan Stanley dropped their price target on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Scotiabank reduced their price objective on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $104.80.

Fortinet Stock Up 2.9%

FTNT stock opened at $105.05 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company’s 50-day moving average price is $98.23 and its 200 day moving average price is $97.80. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market cap of $80.33 billion, a P/E ratio of 46.48, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the company earned $0.43 EPS. The company’s quarterly revenue was up 13.8% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.