Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by City State Bank

City State Bank lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 35.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 681 shares of the software maker’s stock after buying an additional 180 shares during the quarter. City State Bank’s holdings in Fortinet were worth $66,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group acquired a new position in shares of Fortinet during the 4th quarter worth approximately $389,867,000. FMR LLC lifted its stake in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after buying an additional 2,064,016 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FTNT shares. Royal Bank of Canada reduced their price objective on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. UBS Group reduced their target price on Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 8th. Stephens initiated coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective for the company. Finally, Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Price Performance

Shares of FTNT stock opened at $104.94 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 capitalization of $80.32 billion, a PE ratio of 46.43, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a fifty day simple moving average of $100.18 and a 200-day simple moving average of $99.84.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share 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 analysts’ expectations of $1.54 billion. During the same period in the prior year, the company posted $0.43 EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the transaction, the director now owns 20,612 shares of the company’s stock, valued at approximately $2,047,183.84. This trade represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 697,818 shares of company stock worth $69,539,128. 18.00% of the stock is currently owned by insiders.

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.