SSA Swiss Advisors AG Trims Holdings in Fortinet, Inc. $FTNT

SSA Swiss Advisors AG cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,710 shares of the software maker’s stock after selling 3,295 shares during the quarter. SSA Swiss Advisors AG’s holdings in Fortinet were worth $3,092,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. Invesco Ltd. lifted its stake in Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after purchasing an additional 181,835 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after purchasing an additional 1,026,277 shares during the last quarter. Northern Trust Corp lifted its stake in Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after purchasing an additional 49,238 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $85.56 on Friday. The business’s 50-day moving average price is $81.97 and its 200 day moving average price is $93.93. The firm has a market cap of $65.56 billion, a P/E ratio of 34.09, a PEG ratio of 3.20 and a beta of 1.09. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. UBS Group cut their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. TD Cowen reiterated a “hold” rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Scotiabank cut their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $97.03.

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.