Migdal Insurance & Financial Holdings Ltd. Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Migdal Insurance & Financial Holdings Ltd. raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,364 shares of the software maker’s stock after acquiring an additional 2,460 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Fortinet were worth $3,885,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the 4th quarter valued at about $27,000. ORG Partners LLC boosted its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new stake in Fortinet during the first quarter worth about $35,000. Finally, Wayfinding Financial LLC bought a new stake in Fortinet during the first quarter worth about $36,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.2%

NASDAQ FTNT traded up $0.20 during trading on Friday, reaching $105.12. 445,472 shares of the company’s stock traded hands, compared to its average volume of 4,850,619. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market cap of $80.46 billion, a price-to-earnings ratio of 43.28, a price-to-earnings-growth ratio of 3.57 and a beta of 1.06. The company’s 50 day simple moving average is $103.14 and its two-hundred day simple moving average is $101.18. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm earned $0.43 EPS. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Jefferies Financial Group dropped their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Wolfe Research initiated coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a “peer perform” rating on the stock. Stephens initiated coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price on the stock. Robert W. Baird upped their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Finally, UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $106.48.

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.