Lombard Odier Asset Management Switzerland SA reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 27.6% in the first quarter, Holdings Channel reports. The firm owned 20,707 shares of the software maker’s stock after selling 7,900 shares during the period. Lombard Odier Asset Management Switzerland SA’s holdings in Fortinet were worth $1,692,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in FTNT. Wexford Capital LP purchased a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Physician Wealth Advisors Inc. raised its position in Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock valued at $25,000 after purchasing an additional 245 shares in the last quarter. Palisade Asset Management LLC bought a new stake in Fortinet during the 3rd quarter valued at $28,000. Elyxium Wealth LLC purchased a new stake in shares of Fortinet in the 4th quarter worth $27,000. Finally, Maseco LLP purchased a new stake in shares of Fortinet in the 1st quarter worth $29,000. 83.71% of the stock is currently owned by institutional investors.
Fortinet Trading Up 0.0%
FTNT opened at $152.38 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The firm has a market cap of $111.64 billion, a price-to-earnings ratio of 58.83, a PEG ratio of 4.14 and a beta of 1.09. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $170.35. The stock has a fifty day moving average price of $148.53 and a 200-day moving average price of $107.17.
Insider Buying and Selling at Fortinet
In related news, VP Michael Xie sold 3,907 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the transaction, the vice president owned 9,923,610 shares in the company, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares of the company’s stock, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
FTNT has been the topic of several research reports. Morgan Stanley upgraded Fortinet from an “underweight” rating to an “outperform” rating and raised their price target for the company from $80.00 to $133.00 in a research note on Tuesday, July 21st. Truist Financial set a $183.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Citigroup reiterated a “neutral” rating and set a $165.00 target price (up from $115.00) on shares of Fortinet in a report on Wednesday, July 22nd. Arete Research set a $104.00 target price on shares of Fortinet and gave the company a “buy” rating in a research report on Monday, April 27th. Finally, BMO Capital Markets boosted their price target on shares of Fortinet from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $123.61.
Get Our Latest Analysis on FTNT
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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