2Xideas AG Has $54.60 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

2Xideas AG cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 14.1% during the 4th quarter, HoldingsChannel reports. The firm owned 577,897 shares of the software maker’s stock after selling 95,078 shares during the quarter. Fortinet makes up about 7.3% of 2Xideas AG’s investment portfolio, making the stock its largest position. 2Xideas AG’s holdings in Fortinet were worth $54,600,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Federated Hermes Inc. boosted its position in shares of Fortinet by 20.8% during the fourth quarter. Federated Hermes Inc. now owns 1,406,740 shares of the software maker’s stock worth $132,909,000 after buying an additional 242,397 shares during the period. Alcosta Capital Management Inc. bought a new stake in Fortinet during the 4th quarter valued at $5,247,000. Waterloo Capital L.P. acquired a new position in Fortinet during the 4th quarter worth $253,000. Peapack Gladstone Financial Corp grew its stake in shares of Fortinet by 7.1% in the fourth quarter. Peapack Gladstone Financial Corp now owns 195,577 shares of the software maker’s stock worth $18,479,000 after purchasing an additional 13,039 shares in the last quarter. Finally, Ilmarinen Mutual Pension Insurance Co increased its holdings in shares of Fortinet by 8.0% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 135,000 shares of the software maker’s stock valued at $12,755,000 after purchasing an additional 10,000 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 5.3 %

NASDAQ FTNT opened at $84.71 on Friday. The firm has a 50-day simple moving average of $102.59 and a 200 day simple moving average of $93.87. The stock has a market cap of $65.14 billion, a PE ratio of 37.48, a PEG ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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

Analyst Ratings Changes

Several research firms recently weighed in on FTNT. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. Royal Bank of Canada boosted their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Finally, Cantor Fitzgerald increased their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $105.77.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 4,736 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the firm’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 transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last three months. Company insiders own 18.00% of the company’s stock.

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.