OVERSEA CHINESE BANKING Corp Ltd Reduces Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 146,709 shares of the software maker’s stock after selling 20,421 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Fortinet were worth $13,888,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Manchester Capital Management LLC lifted its position in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the last quarter. Fielder Capital Group LLC boosted its position in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC boosted its position in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares during the period. Finally, Truvestments Capital LLC increased its position in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after buying an additional 127 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $96.91 on Wednesday. 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 company has a market capitalization of $74.52 billion, a P/E ratio of 42.88, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The firm has a 50-day moving average price of $102.17 and a two-hundred day moving average price of $92.08. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTNT. Wells Fargo & Company increased their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, BMO Capital Markets upped their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $105.69.

Fortinet 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.