Ameriprise Financial Inc. Has $347.81 Million Stock Position in Fortinet, Inc. $FTNT

Key Points

• Ameriprise Financial Inc. has increased its holdings in Fortinet by 0.2%, acquiring an additional 8,802 shares during the first quarter, bringing its total to approximately 3.6 million shares worth around $347.8 million.
• Fortinet's share price was $80.02 at the time of reporting, with a 52-week range between $70.12 and $114.82, reflecting a market capitalization of $61.32 billion.
• In recent trading reviews, various analysts have downgraded Fortinet's stock price targets, with Mizuho reducing its target from $87 to $75 and Citigroup setting a target of $85, indicating a consensus rating of "Hold".

Ameriprise Financial Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,613,201 shares of the software maker's stock after acquiring an additional 8,802 shares during the period. Ameriprise Financial Inc. owned 0.47% of Fortinet worth $347,813,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the last quarter. Invesco Ltd. lifted its position in shares of Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock worth $824,999,000 after purchasing an additional 181,835 shares during the last quarter. Northern Trust Corp lifted its position in shares of Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker's stock worth $627,573,000 after purchasing an additional 49,238 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortinet by 3.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock valued at $565,953,000 after buying an additional 202,259 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Fortinet by 8.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,106,259 shares of the software maker's stock worth $491,528,000 after buying an additional 389,718 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT traded up $0.04 on Tuesday, hitting $77.68. The company's stock had a trading volume of 3,905,095 shares, compared to its average volume of 5,574,202. The company has a 50 day moving average price of $96.50 and a 200 day moving average price of $99.88. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a market capitalization of $59.52 billion, a PE ratio of 30.95, a PEG ratio of 3.03 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The business's revenue was up 13.6% on a year-over-year basis. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered their price objective on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Cantor Fitzgerald raised their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Barclays cut their price objective on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. Rosenblatt Securities reissued a "neutral" rating and set a $85.00 target price (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Finally, Erste Group Bank cut Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $97.40.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on 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 transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

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.