Fortinet, Inc. (NASDAQ:FTNT) Holdings Trimmed by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 18.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,389 shares of the software maker’s stock after selling 26,248 shares during the period. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $8,948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue grew its position in Fortinet by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 69,156 shares of the software maker’s stock valued at $4,724,000 after purchasing an additional 315 shares in the last quarter. Norden Group LLC acquired a new position in shares of Fortinet in the first quarter worth $2,277,000. First Trust Direct Indexing L.P. raised its holdings in shares of Fortinet by 18.6% during the first quarter. First Trust Direct Indexing L.P. now owns 15,828 shares of the software maker’s stock worth $1,081,000 after acquiring an additional 2,482 shares in the last quarter. Kesler Norman & Wride LLC acquired a new stake in Fortinet during the first quarter valued at $219,000. Finally, Ashton Thomas Private Wealth LLC grew its stake in Fortinet by 4.3% in the first quarter. Ashton Thomas Private Wealth LLC now owns 34,072 shares of the software maker’s stock valued at $2,327,000 after purchasing an additional 1,412 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. Royal Bank of Canada lifted their target price on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $74.07.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,250 shares of company stock worth $6,790,149. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $78.74 on Thursday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business’s fifty day moving average price is $77.90 and its two-hundred day moving average price is $67.30. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The stock has a market capitalization of $60.23 billion, a price-to-earnings ratio of 46.59, a price-to-earnings-growth ratio of 2.92 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 EPS. As a group, analysts predict that Fortinet, Inc. will post 1.74 EPS 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.