OVERSEA CHINESE BANKING Corp Ltd Has $8.59 Million Stock Holdings in Fortinet, Inc. $FTNT

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 33.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,379 shares of the software maker’s stock after selling 40,489 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Fortinet were worth $8,590,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. Invesco Ltd. increased its stake in shares of Fortinet by 2.2% in the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $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 increased its stake in shares of Fortinet by 17.1% in the 1st 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 valued at $675,405,000 after purchasing an additional 1,026,277 shares during the last quarter. Northern Trust Corp increased its stake in shares of Fortinet by 0.8% in the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after purchasing an additional 49,238 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Friday, August 8th. Mizuho decreased their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. Evercore ISI decreased their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research note on Friday, August 8th. Finally, Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $97.03.

Fortinet Trading Up 0.7%

Shares of FTNT stock opened at $85.56 on Monday. The firm has a market capitalization of $65.56 billion, a P/E ratio of 34.09, a P/E/G ratio of 3.22 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month 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. The stock’s fifty day simple moving average is $81.97 and its 200 day simple moving average is $93.93.

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

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

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.