1,022,096 Shares in Fortinet, Inc. $FTNT Purchased by Montrusco Bolton Investments Inc.

Key Points

• Montrusco Bolton Investments Inc. purchased over 1 million shares of Fortinet, Inc., valued at approximately $108 million, making it the 25th largest position in their portfolio.
• Fortinet recently reported a 13.6% year-over-year revenue increase with an EPS of $0.64, exceeding consensus estimates.
• Brokerage ratings for Fortinet have been mostly downgraded, with a consensus rating of "Hold" and a target price of $97.03.

Montrusco Bolton Investments Inc. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,022,096 shares of the software maker's stock, valued at approximately $108,056,000. Fortinet makes up approximately 1.2% of Montrusco Bolton Investments Inc.'s portfolio, making the stock its 25th largest position. Montrusco Bolton Investments Inc. owned about 0.13% of Fortinet as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Saudi Central Bank bought a new stake in Fortinet during the first quarter worth about $25,000. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its holdings in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares in the last quarter. ORG Partners LLC raised its holdings 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. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker's stock worth $38,000 after acquiring an additional 104 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Fortinet stock opened at $83.06 on Monday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The stock's 50 day moving average is $81.72 and its 200-day moving average is $94.52. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $63.64 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 3.13 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The firm's revenue for the quarter was up 13.6% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on FTNT. Rosenblatt Securities reissued a "neutral" rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. UBS Group lowered their price target on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Mizuho lowered their price target on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research report on Thursday, August 7th. Finally, Truist Financial lowered their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $97.03.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by corporate insiders.

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.

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