Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 8.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,155,087 shares of the software maker’s stock after selling 108,149 shares during the period. Goldman Sachs Group Inc. owned approximately 0.71% of Fortinet worth $415,139,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Fortinet by 2.1% in the 3rd quarter. BlackRock Inc. now owns 11,207,068 shares of the software maker’s stock worth $3,272,913,000 after buying an additional 226,200 shares during the last quarter. State Street Corp boosted its holdings in shares of Fortinet by 4.3% during the 4th quarter. State Street Corp now owns 5,520,747 shares of the software maker’s stock worth $1,984,156,000 after purchasing an additional 226,498 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fortinet by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 2,962,568 shares of the software maker’s stock valued at $1,062,635,000 after buying an additional 94,027 shares during the period. Invesco Ltd. raised its position in shares of Fortinet by 1.3% during the 4th quarter. Invesco Ltd. now owns 1,577,369 shares of the software maker’s stock valued at $566,906,000 after buying an additional 20,284 shares during the period. Finally, First Trust Advisors LP raised its position in Fortinet by 37.3% in the fourth quarter. First Trust Advisors LP now owns 1,046,330 shares of the software maker’s stock valued at $376,051,000 after purchasing an additional 284,384 shares during the period. Institutional investors own 67.47% of the company’s stock.

A number of analysts have issued reports on the company. Raymond James cut their target price on Fortinet from $380.00 to $350.00 and set an “outperform” rating on the stock in a research report on Friday, February 4th. Barclays raised Fortinet from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $364.00 to $395.00 in a research report on Tuesday, March 29th. Citigroup boosted their target price on Fortinet from $390.00 to $405.00 and gave the company a “buy” rating in a research report on Friday, February 4th. Wedbush cut their target price on Fortinet from $370.00 to $340.00 in a research report on Thursday, May 5th. Finally, Wells Fargo & Company boosted their price target on shares of Fortinet from $360.00 to $400.00 in a research note on Thursday, May 5th. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $355.29.

In related news, CFO Keith Jensen sold 3,600 shares of the stock in a transaction dated Thursday, February 17th. The shares were sold at an average price of $313.43, for a total transaction of $1,128,348.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 1,653 shares of the stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $248.85, for a total transaction of $411,349.05. Following the transaction, the vice president now directly owns 5,954,424 shares of the company’s stock, valued at $1,481,758,412.40. The disclosure for this sale can be found here. Insiders sold 10,084 shares of company stock valued at $3,066,567 over the last ninety days. Corporate insiders own 18.60% of the company’s stock.

NASDAQ FTNT traded up $14.89 during trading hours on Friday, hitting $281.55. The company had a trading volume of 1,734,682 shares, compared to its average volume of 1,397,311. The business has a 50 day moving average of $310.37 and a 200-day moving average of $318.52. Fortinet, Inc. has a 1-year low of $199.01 and a 1-year high of $371.77. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.20 and a current ratio of 1.28. The company has a market cap of $45.20 billion, a PE ratio of 73.70, a price-to-earnings-growth ratio of 3.83 and a beta of 1.21.

Fortinet (NASDAQ:FTNTGet Rating) last announced its earnings results on Wednesday, May 4th. The software maker reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.34. Fortinet had a net margin of 17.79% and a return on equity of 67.94%. The business had revenue of $954.80 million during the quarter, compared to analysts’ expectations of $886.45 million. During the same period in the prior year, the company earned $0.57 earnings per share. The business’s revenue was up 34.4% compared to the same quarter last year. Sell-side analysts expect that Fortinet, Inc. will post 3.79 earnings per share for the current fiscal year.

Fortinet Profile (Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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