Skandinaviska Enskilda Banken AB publ Acquires 25,083 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Skandinaviska Enskilda Banken AB publ grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.3% in the 4th quarter, Holdings Channel reports. The firm owned 369,147 shares of the software maker’s stock after acquiring an additional 25,083 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Fortinet were worth $35,095,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Erste Asset Management GmbH raised its holdings in Fortinet by 2,250.0% during the 4th quarter. Erste Asset Management GmbH now owns 28,200 shares of the software maker’s stock worth $2,708,000 after purchasing an additional 27,000 shares during the last quarter. Rakuten Securities Inc. raised its holdings in Fortinet by 532.6% during the 4th quarter. Rakuten Securities Inc. now owns 2,328 shares of the software maker’s stock worth $220,000 after purchasing an additional 1,960 shares during the last quarter. Avantax Advisory Services Inc. raised its holdings in Fortinet by 11.7% during the 4th quarter. Avantax Advisory Services Inc. now owns 14,235 shares of the software maker’s stock worth $1,345,000 after purchasing an additional 1,496 shares during the last quarter. Truvestments Capital LLC raised its holdings in Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after purchasing an additional 127 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Fortinet by 148.1% during the 4th quarter. Farther Finance Advisors LLC now owns 17,004 shares of the software maker’s stock worth $1,607,000 after purchasing an additional 10,150 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Trading Down 4.6 %

NASDAQ FTNT opened at $93.42 on Friday. The stock has a market capitalization of $71.84 billion, a price-to-earnings ratio of 41.34, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one 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 business’s fifty day moving average is $102.22 and its 200-day moving average is $91.41.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS 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.