Migdal Insurance & Financial Holdings Ltd. Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Migdal Insurance & Financial Holdings Ltd. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 82.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 48,711 shares of the software maker’s stock after selling 221,603 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Fortinet were worth $2,885,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Penserra Capital Management LLC lifted its holdings in shares of Fortinet by 6.6% in the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after buying an additional 41 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Fortinet by 5.2% in the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after buying an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC lifted its holdings in shares of Fortinet by 6.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after buying an additional 50 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after buying an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC lifted its holdings in shares of Fortinet by 3.7% in the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after buying an additional 66 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.5 %

FTNT stock traded up $0.31 on Wednesday, reaching $64.79. The company’s stock had a trading volume of 1,705,532 shares, compared to its average volume of 5,941,063. The business has a fifty day simple moving average of $68.83 and a two-hundred day simple moving average of $61.48. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The firm has a market cap of $49.44 billion, a PE ratio of 44.59, a PEG ratio of 2.87 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. As a group, research analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FTNT. Susquehanna reissued a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and increased their price target for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research report on Tuesday, February 13th. Finally, Mizuho upped their price objective on shares of Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $72.35.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,147 shares of company stock valued at $7,424,394. 17.54% of the stock is currently owned by company insiders.

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.