E. Ohman J or Asset Management AB Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

E. Ohman J or Asset Management AB boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.3% during the third quarter, Holdings Channel reports. The firm owned 837,361 shares of the software maker’s stock after acquiring an additional 85,061 shares during the quarter. Fortinet makes up about 1.6% of E. Ohman J or Asset Management AB’s investment portfolio, making the stock its 11th biggest position. E. Ohman J or Asset Management AB’s holdings in Fortinet were worth $64,937,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FTNT. Wealthcare Advisory Partners LLC raised its stake in Fortinet by 138.1% during the first quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after buying an additional 5,820 shares during the last quarter. New England Research & Management Inc. increased its stake in Fortinet by 8.7% during the 1st quarter. New England Research & Management Inc. now owns 12,475 shares of the software maker’s stock valued at $852,000 after purchasing an additional 1,000 shares in the last quarter. KRS Capital Management LLC lifted its stake in shares of Fortinet by 3.5% in the first quarter. KRS Capital Management LLC now owns 47,795 shares of the software maker’s stock worth $3,265,000 after buying an additional 1,600 shares in the last quarter. Opinicus Capital Inc. purchased a new stake in shares of Fortinet during the first quarter valued at approximately $232,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Fortinet by 51.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 20,790 shares of the software maker’s stock valued at $1,420,000 after acquiring an additional 7,086 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were 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 owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,250 shares of company stock worth $6,790,149 over the last 90 days. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTNT. Truist Financial increased their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. TD Cowen upped their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.25.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $80.62 on Friday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a fifty day moving average price of $77.52 and a 200 day moving average price of $66.98. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The firm has a market cap of $61.59 billion, a price-to-earnings ratio of 52.69, a P/E/G ratio of 2.84 and a beta of 1.00.

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