Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Yousif Capital Management LLC

Yousif Capital Management LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,186 shares of the software maker’s stock after selling 355 shares during the quarter. Yousif Capital Management LLC’s holdings in Fortinet were worth $8,104,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FTNT. Norges Bank bought a new position in Fortinet during the 4th quarter worth approximately $724,048,000. Schroder Investment Management Group bought a new position in Fortinet during the 4th quarter worth approximately $389,867,000. FMR LLC lifted its holdings in Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after buying an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after buying an additional 2,064,016 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $101.63 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $77.79 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 4.19 and a beta of 1.06. The stock’s fifty day simple moving average is $100.51 and its 200 day simple moving average is $99.95. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.54 billion. During the same period in the previous year, the firm posted $0.43 EPS. The company’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of research analyst reports. Stephens initiated coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 target price on the stock. Roth Capital set a $103.00 price target on Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. Cantor Fitzgerald cut their price target on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating on the stock. Finally, DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.80.

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.