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Alberta Investment Management Corp Buys New Position in Fortinet, Inc. (NASDAQ:FTNT)

Fortinet logo with Computer and Technology background

Key Points

  • Alberta Investment Management Corp has acquired a new position in Fortinet, Inc., buying 46,600 shares valued at approximately $4.49 million.
  • Fortinet's earnings report showed a 13.8% revenue increase year-over-year, with earnings per share of $0.58, surpassing analysts' expectations.
  • Various institutional investors have shown increased interest in Fortinet, with notable increases in stakes from FMR LLC and Bessemer Group Inc, indicating strong institutional support.
  • Five stocks we like better than Fortinet.

Alberta Investment Management Corp bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 46,600 shares of the software maker's stock, valued at approximately $4,486,000.

Several other large investors have also made changes to their positions in FTNT. HHM Wealth Advisors LLC increased its position in shares of Fortinet by 3.5% in the first quarter. HHM Wealth Advisors LLC now owns 5,560 shares of the software maker's stock valued at $535,000 after acquiring an additional 190 shares during the last quarter. Private Advisory Group LLC acquired a new position in Fortinet in the 1st quarter valued at $1,159,000. Natixis Advisors LLC boosted its holdings in shares of Fortinet by 49.0% in the 1st quarter. Natixis Advisors LLC now owns 301,483 shares of the software maker's stock valued at $29,021,000 after purchasing an additional 99,167 shares in the last quarter. SSA Swiss Advisors AG bought a new position in Fortinet in the 1st quarter valued at approximately $3,063,000. Finally, Arkadios Wealth Advisors raised its position in Fortinet by 3.1% in the first quarter. Arkadios Wealth Advisors now owns 39,668 shares of the software maker's stock valued at $3,818,000 after purchasing an additional 1,205 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

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

Fortinet Stock Up 0.4%

Shares of FTNT traded up $0.37 during mid-day trading on Wednesday, hitting $96.58. The company's stock had a trading volume of 8,431,240 shares, compared to its average volume of 4,767,261. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $73.92 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 3.40 and a beta of 1.07. Fortinet, Inc. has a 52-week low of $65.00 and a 52-week high of $114.82. The company's 50-day moving average is $103.00 and its 200-day moving average is $101.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.58 earnings per share for the quarter, missing analysts' consensus estimates of $0.59 by ($0.01). Fortinet had a return on equity of 148.79% and a net margin of 30.60%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. UBS Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. KeyCorp reduced their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Scotiabank dropped their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Finally, BMO Capital Markets decreased their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $107.00.

View Our Latest Stock Analysis on FTNT

Fortinet Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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