Raiffeisen Bank International AG Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Raiffeisen Bank International AG purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 14,879 shares of the software maker’s stock, valued at approximately $1,415,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Oak Thistle LLC bought a new stake in Fortinet in the fourth quarter worth $269,000. Fifth Third Wealth Advisors LLC raised its position in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Fortinet by 6.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock valued at $1,612,000 after buying an additional 1,085 shares during the last quarter. Park Avenue Securities LLC raised its position in Fortinet by 75.0% in the fourth quarter. Park Avenue Securities LLC now owns 18,886 shares of the software maker’s stock worth $1,784,000 after purchasing an additional 8,092 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in Fortinet by 2,602.1% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,297 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,249 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 2.0%

Shares of FTNT stock opened at $104.59 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm’s fifty day moving average price is $98.53 and its two-hundred day moving average price is $98.16. The firm has a market capitalization of $80.05 billion, a P/E ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $0.43 EPS. The company’s quarterly revenue was up 13.8% on a year-over-year basis. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director William H. Neukom bought 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 738,978 shares of company stock valued at $74,135,907. Company insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FTNT shares. Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Wolfe Research started coverage on shares of Fortinet in a research note on Monday. They issued a “peer perform” rating on the stock. Stifel Nicolaus reduced their price objective on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Finally, Rosenblatt Securities raised their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $104.80.

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.