OVERSEA CHINESE BANKING Corp Ltd Sells 40,489 Shares of Fortinet, Inc. $FTNT

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.2% during the 2nd quarter, Holdings Channel reports. The firm owned 81,379 shares of the software maker’s stock after selling 40,489 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Fortinet were worth $8,590,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FTNT. Saudi Central Bank bought a new stake in shares of Fortinet during the 1st quarter valued at about $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $36,000. Finally, Mechanics Financial Corp bought a new position in Fortinet in the first quarter worth approximately $36,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $85.56 on Monday. The company has a market cap of $65.56 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The business has a 50 day moving average price of $81.97 and a 200-day moving average price of $93.93. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Truist Financial cut their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Scotiabank cut their price target on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. UBS Group cut their price target on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Cowen lowered Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Mizuho cut their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $97.03.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.

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.