19,131 Fortinet, Inc. $FTNT Shares Sold by UNIVEST FINANCIAL Corp

UNIVEST FINANCIAL Corp cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,681 shares of the software maker’s stock after selling 19,131 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Fortinet were worth $9,417,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in Fortinet during the second quarter valued at approximately $9,561,650,000. Bank of New York Mellon Corp acquired a new stake in Fortinet in the second quarter valued at approximately $1,432,842,000. Legal & General Group Plc acquired a new stake in Fortinet in the second quarter valued at approximately $979,062,000. Arrowstreet Capital Limited Partnership grew its position in Fortinet by 87.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after acquiring an additional 4,500,194 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Fortinet in the second quarter worth approximately $656,852,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 3.7%

Shares of Fortinet stock opened at $128.10 on Thursday. The stock has a market capitalization of $94.12 billion, a P/E ratio of 41.59, a PEG ratio of 2.37 and a beta of 1.04. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The stock has a 50 day moving average price of $165.56 and a two-hundred day moving average price of $130.19. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $197.13.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 3.21 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on FTNT shares. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Roth Capital lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Morgan Stanley reiterated a “positive” rating and issued a $136.00 price objective (up from $133.00) on shares of Fortinet in a report on Thursday, July 30th. Yorkville Ives assumed coverage on shares of Fortinet in a research report on Tuesday, October 6th. They set an “outperform” rating and a $225.00 target price on the stock. Finally, Citigroup lowered their target price on shares of Fortinet from $185.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, October 29th. Eleven research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $150.44.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the completion of the sale, the vice president directly owned 9,918,360 shares in the company, valued at $1,284,328,436.40. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 161,483 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $6,849,857,423.32. This trade represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 221,304 shares of company stock worth $30,675,309. 17.60% of the stock is owned by insiders.

About Fortinet

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.