Bank Julius Baer & Co. Ltd Zurich Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Bank Julius Baer & Co. Ltd Zurich lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the 4th quarter, Holdings Channel reports. The firm owned 213,088 shares of the software maker’s stock after selling 5,171 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Fortinet were worth $12,472,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Headinvest LLC purchased a new stake in Fortinet during the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet during the 4th quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Fortinet during the 3rd quarter worth approximately $37,000. Rakuten Securities Inc. purchased a new stake in Fortinet during the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.15 during mid-day trading on Friday, reaching $64.18. The company’s stock had a trading volume of 4,138,201 shares, compared to its average volume of 5,777,599. The stock has a 50-day moving average of $67.96 and a two-hundred day moving average of $61.75. The stock has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a P/E/G ratio of 2.91 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FTNT shares. The Goldman Sachs Group upped their price objective on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and upped their price objective for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the 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 transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is owned by company insiders.

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.