DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Acquires 5,264 Shares of Fortinet, Inc. (NASDAQ:FTNT)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 36.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,866 shares of the software maker's stock after acquiring an additional 5,264 shares during the quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main's holdings in Fortinet were worth $1,877,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of FTNT. Norges Bank acquired a new stake in Fortinet during the fourth quarter worth about $724,048,000. Schroder Investment Management Group acquired a new stake in Fortinet during the fourth quarter worth about $389,867,000. FMR LLC grew its stake in Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake 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 owned by institutional investors.

Insider Activity

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 328 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 in the last quarter. 17.20% of the stock is owned by corporate insiders.

Fortinet Trading Down 1.7%

Shares of NASDAQ:FTNT traded down $1.82 during mid-day trading on Wednesday, hitting $103.23. The company had a trading volume of 4,513,495 shares, compared to its average volume of 4,958,482. The firm has a fifty day moving average price of $98.23 and a 200 day moving average price of $97.80. The company has a market capitalization of $78.94 billion, a PE ratio of 45.68, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Citigroup raised their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. UBS Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Finally, Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $104.80.

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.