J. Safra Sarasin Holding AG Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

J. Safra Sarasin Holding AG lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 286,570 shares of the software maker’s stock after selling 14,252 shares during the period. J. Safra Sarasin Holding AG’s holdings in Fortinet were worth $27,075,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. boosted its stake 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 stake in Fortinet during the 4th quarter valued at approximately $43,000. Golden State Wealth Management LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $56,000. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective for the company. UBS Group set a $123.00 price objective on shares of Fortinet in a research note on Tuesday, March 18th. Robert W. Baird restated a “neutral” rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Finally, StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $105.17.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 206,000 shares of Fortinet 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 sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $4,981,414,831.47. This trade represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 576,944 shares of company stock worth $56,944,064. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.1 %

NASDAQ FTNT opened at $96.13 on Monday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market capitalization of $73.92 billion, a PE ratio of 42.54, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a fifty day moving average of $100.70 and a 200 day moving average of $95.41.

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

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.