E Fund Management Co. Ltd. Has $699,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

E Fund Management Co. Ltd. cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 11,949 shares of the software maker’s stock after selling 1,366 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Fortinet were worth $699,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Atwood & Palmer Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at about $29,000. Headinvest LLC bought a new stake in Fortinet in the third quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet during the 3rd quarter worth about $37,000. Rakuten Securities Inc. bought a new stake in Fortinet in the 4th quarter valued at about $43,000. Finally, CVA Family Office LLC bought a new position in Fortinet in the fourth quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 over the last ninety days. 17.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on FTNT. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Tuesday, February 13th. BMO Capital Markets reduced their price objective on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a report on Friday, May 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, May 3rd. Wells Fargo & Company decreased their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Finally, Susquehanna dropped their price objective on Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $70.37.

Fortinet Price Performance

FTNT stock traded up $0.20 during mid-day trading on Wednesday, reaching $59.63. 10,882,776 shares of the company traded hands, compared to its average volume of 6,173,643. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a market capitalization of $45.52 billion, a P/E ratio of 38.97, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The company has a fifty day moving average price of $66.93 and a 200-day moving average price of $61.97.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 1.4 earnings per share for the current year.

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.