OMERS ADMINISTRATION Corp Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

OMERS ADMINISTRATION Corp decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,122 shares of the software maker’s stock after selling 8,915 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Fortinet were worth $3,980,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC purchased a new position in Fortinet during the fourth quarter worth approximately $43,000. Banque Transatlantique SA acquired a new stake in Fortinet in the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 2.9%

Shares of FTNT opened at $105.05 on Wednesday. The company’s 50-day moving average price is $98.23 and its 200 day moving average price is $97.80. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market cap of $80.33 billion, a P/E ratio of 46.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the business earned $0.43 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. KeyCorp cut their price target on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. BMO Capital Markets cut their target price on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a research note on Thursday, May 8th. Cantor Fitzgerald reduced their price target on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group lowered their price objective on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Finally, The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $104.80.

Fortinet Company Profile

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.