Terra Nova Asset Management LLC Sells 3,372 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Terra Nova Asset Management LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,345 shares of the software maker’s stock after selling 3,372 shares during the period. Fortinet makes up 2.0% of Terra Nova Asset Management LLC’s portfolio, making the stock its 16th largest holding. Terra Nova Asset Management LLC’s holdings in Fortinet were worth $2,303,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC raised its holdings in shares of Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after purchasing an additional 14,586,086 shares in the last quarter. Norges Bank bought a new position in shares of Fortinet during the 4th quarter worth approximately $312,964,000. Nordea Investment Management AB raised its stake in shares of Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares in the last quarter. Finally, DSM Capital Partners LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $75,698,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 154,880 shares of company stock valued at $10,233,981 over the last three months. Company insiders own 17.54% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $68.31 on Friday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The stock has a market capitalization of $52.12 billion, a price-to-earnings ratio of 47.11, a PEG ratio of 2.99 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The stock’s fifty day moving average is $68.12 and its two-hundred day moving average is $60.76.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. On average, research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. UBS Group boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Rosenblatt Securities boosted their target price on shares of Fortinet from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Susquehanna upped their price objective on shares of Fortinet from $55.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Finally, Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and upped their price objective for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.55.

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.