Deutsche Bank AG Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

Deutsche Bank AG raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,234,488 shares of the software maker's stock after buying an additional 126,441 shares during the quarter. Deutsche Bank AG owned about 0.55% of Fortinet worth $400,074,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. increased its stake in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $43,000. Banque Transatlantique SA purchased a new position in Fortinet during the 4th quarter worth $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the 4th quarter worth $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business's 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 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. Over the last ninety days, insiders have sold 738,978 shares of company stock worth $74,135,907. Company insiders own 17.20% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock traded down $1.83 during trading on Wednesday, reaching $103.22. 2,072,072 shares of the company's stock traded hands, compared to its average volume of 4,946,570. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market capitalization of $78.93 billion, a P/E ratio of 45.67, a PEG ratio of 4.19 and a beta of 1.16. 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's 50-day moving average is $98.23 and its 200 day moving average is $97.80.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Cantor Fitzgerald decreased their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Piper Sandler reissued an "overweight" rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Wells Fargo & Company cut their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Wolfe Research assumed coverage on Fortinet in a research note on Monday. They set a "peer perform" rating for the company. Finally, Guggenheim restated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $104.80.

Fortinet 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.