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.

Several other large investors have also bought and sold shares of FTNT. Prestige Wealth Management Group LLC grew its stake in shares of Fortinet by 3.4% in the fourth quarter. Prestige Wealth Management Group LLC now owns 999 shares of the software maker’s stock worth $360,000 after acquiring an additional 33 shares in the last quarter. Green Alpha Advisors LLC grew its stake in shares of Fortinet by 0.5% in the fourth quarter. Green Alpha Advisors LLC now owns 6,493 shares of the software maker’s stock worth $2,334,000 after acquiring an additional 34 shares in the last quarter. OPSEU Pension Plan Trust Fund grew its stake in shares of Fortinet by 0.6% in the fourth quarter. OPSEU Pension Plan Trust Fund now owns 6,176 shares of the software maker’s stock worth $1,980,000 after acquiring an additional 35 shares in the last quarter. Paradiem LLC grew its stake in shares of Fortinet by 0.3% in the fourth quarter. Paradiem LLC now owns 12,786 shares of the software maker’s stock worth $3,801,000 after acquiring an additional 37 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of Fortinet by 4.7% in the fourth quarter. AdvisorNet Financial Inc now owns 862 shares of the software maker’s stock worth $310,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 67.47% of the company’s stock.

In other Fortinet news, VP Michael Xie sold 1,653 shares of the stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $248.85, for a total value of $411,349.05. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 disclosure for this sale can be found here. Insiders have sold 10,084 shares of company stock valued at $3,066,567 over the last three months. 18.60% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:FTNT traded up $14.89 on Friday, reaching $281.55. The company’s stock had a trading volume of 1,734,682 shares, compared to its average volume of 1,397,311. The stock has a market capitalization of $45.20 billion, a P/E ratio of 73.70, a PEG ratio of 3.83 and a beta of 1.21. Fortinet, Inc. has a 52-week low of $199.01 and a 52-week high of $371.77. The stock’s 50-day moving average is $310.37 and its two-hundred day moving average is $318.52. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.28 and a quick ratio of 1.20.

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

FTNT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Fortinet from $320.00 to $300.00 in a research note on Wednesday. UBS Group lowered their target price on shares of Fortinet from $370.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, February 4th. The Goldman Sachs Group boosted their target price on shares of Fortinet from $362.00 to $390.00 in a research note on Tuesday, April 12th. BMO Capital Markets lowered their target price on shares of Fortinet from $360.00 to $325.00 in a research note on Thursday. Finally, Barclays upgraded shares of Fortinet from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $364.00 to $395.00 in a research note on Tuesday, March 29th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of “Buy” and a consensus price target of $355.29.

Fortinet Company 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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