Yousif Capital Management LLC Sells 8,535 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Yousif Capital Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 97,446 shares of the software maker’s stock after selling 8,535 shares during the quarter. Yousif Capital Management LLC’s holdings in Fortinet were worth $5,704,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB boosted its position in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after buying an additional 5,765,174 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Fortinet by 79.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after buying an additional 1,585,236 shares during the last quarter. DSM Capital Partners LLC purchased a new stake in Fortinet in the third quarter valued at approximately $75,698,000. Public Sector Pension Investment Board boosted its position in Fortinet by 358.1% in the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after buying an additional 1,285,197 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Fortinet by 569.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock valued at $56,585,000 after buying an additional 820,257 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent research reports. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Susquehanna restated a “neutral” rating and issued a $80.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. UBS Group upped their price objective on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Finally, Daiwa Capital Markets upgraded 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. Two investment 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $72.19.

Insider Activity at Fortinet

In other Fortinet 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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated 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 directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,694 shares of the business’s 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 directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,139 shares of company stock worth $8,977,876. Company insiders own 17.54% of the company’s stock.

Fortinet Stock Down 2.2 %

Shares of FTNT opened at $64.03 on Friday. The firm has a market cap of $48.86 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 2.91 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company’s 50-day moving average price is $68.04 and its 200 day moving average price is $61.72. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

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

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.