Banco Santander S.A. Sells 105,596 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Banco Santander S.A. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 36.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 186,469 shares of the software maker’s stock after selling 105,596 shares during the period. Banco Santander S.A.’s holdings in Fortinet were worth $17,618,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Fortinet by 1.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 375,080 shares of the software maker’s stock worth $37,467,000 after acquiring an additional 4,997 shares in the last quarter. Andra AP fonden lifted its holdings in Fortinet by 12.8% during the fourth quarter. Andra AP fonden now owns 200,600 shares of the software maker’s stock worth $18,953,000 after acquiring an additional 22,800 shares in the last quarter. Edgestream Partners L.P. bought a new position in Fortinet during the fourth quarter worth about $6,027,000. Evergreen Private Wealth LLC lifted its holdings in Fortinet by 1,501.5% during the fourth quarter. Evergreen Private Wealth LLC now owns 18,209 shares of the software maker’s stock worth $1,720,000 after acquiring an additional 17,072 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. bought a new position in Fortinet during the fourth quarter worth about $1,173,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $101.28 on Friday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $77.88 billion, a PE ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business’s 50 day moving average price is $101.95 and its two-hundred day moving average price is $90.64. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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, 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%. On average, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on FTNT. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. Cantor Fitzgerald lifted their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Scotiabank lifted their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Finally, Mizuho lifted their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.72.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 87,120 shares of company stock worth $8,991,409 over the last quarter. Company insiders own 18.00% of the company’s stock.

About Fortinet

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.