American Century Companies Inc. Buys 145,445 Shares of Fortinet, Inc. $FTNT

Key Points

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American Century Companies Inc. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 20.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 846,651 shares of the software maker's stock after buying an additional 145,445 shares during the quarter. American Century Companies Inc. owned about 0.11% of Fortinet worth $81,499,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ritholtz Wealth Management increased its position in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after buying an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC acquired a new stake in Fortinet in the first quarter worth $216,000. Wealth Enhancement Advisory Services LLC grew its holdings in Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after purchasing an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after purchasing an additional 16,139 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 3.3%

Shares of FTNT traded down $2.67 during trading hours on Tuesday, reaching $78.09. 15,005,711 shares of the stock traded hands, compared to its average volume of 5,504,260. 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 stock has a fifty day simple moving average of $98.80 and a 200 day simple moving average of $100.77. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a market cap of $59.84 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 3.00 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm earned $0.57 earnings per share. The firm's revenue was up 13.6% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FTNT shares. Roth Capital set a $103.00 price target on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a report on Thursday, August 7th. KeyCorp cut shares of Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Cowen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $97.40.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction 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. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Company 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.