Fortinet, Inc. $FTNT Shares Bought by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 315,157 shares of the software maker’s stock after buying an additional 18,791 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Fortinet were worth $30,337,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC grew its holdings in Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock valued at $2,473,000 after buying an additional 404 shares during the period. Brighton Jones LLC lifted its stake in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Fortinet by 50.5% in the 4th quarter. NewEdge Advisors LLC now owns 31,481 shares of the software maker’s stock valued at $2,974,000 after purchasing an additional 10,562 shares in the last quarter. Freedom Investment Management Inc. lifted its stake in shares of Fortinet by 22.1% in the 4th quarter. Freedom Investment Management Inc. now owns 4,751 shares of the software maker’s stock valued at $449,000 after purchasing an additional 861 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Fortinet by 19.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,611,461 shares of the software maker’s stock valued at $246,743,000 after purchasing an additional 426,616 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $80.76 on Tuesday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market cap of $61.88 billion, a P/E ratio of 32.18, a PEG ratio of 3.00 and a beta of 1.07. The stock has a fifty day moving average price of $98.80 and a 200 day moving average price of $100.77. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Robert W. Baird lifted their price objective on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. BMO Capital Markets reduced their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Evercore ISI reduced their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research report on Friday, August 8th. Finally, Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Two research analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.40.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director owned 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 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.