Banque Transatlantique SA Has $880,000 Position in Fortinet, Inc. $FTNT

Key Points

• Banque Transatlantique SA increased its stake in Fortinet, Inc. by 2,049.8%, owning a total of 9,889 shares after purchasing 9,429 additional shares during the first quarter, valued at approximately $880,000.
• Analysts have lowered their ratings and price targets for Fortinet, with Morgan Stanley setting a new price target of $67.00, while consensus estimates suggest a target price around $97.03.
• Fortinet reported earnings per share of $0.64 for the last quarter, surpassing estimates, while revenue of $1.63 billion matched expectations, reflecting a 13.6% year-over-year increase.

Banque Transatlantique SA lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2,049.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,889 shares of the software maker's stock after acquiring an additional 9,429 shares during the quarter. Banque Transatlantique SA's holdings in Fortinet were worth $880,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter valued at $25,000. SJS Investment Consulting Inc. increased its holdings in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares in the last quarter. Clearstead Trust LLC bought a new position in shares of Fortinet in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares in the last quarter. Finally, ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTNT. Morgan Stanley reaffirmed an "underweight" rating and issued a $67.00 price target (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. KeyCorp lowered shares of Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 7th. Stifel Nicolaus decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a research note on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a research note on Friday, August 8th. Finally, Wolfe Research initiated coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating for the company. Two investment 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. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $97.03.

Insider Buying and Selling at Fortinet

In related 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Stock Up 3.1%

Shares of NASDAQ:FTNT traded up $2.39 during trading on Friday, reaching $78.83. 10,495,077 shares of the company traded hands, compared to its average volume of 9,263,326. The firm has a fifty day simple moving average of $92.07 and a 200 day simple moving average of $97.89. The firm has a market cap of $60.40 billion, a P/E ratio of 31.41, a price-to-earnings-growth ratio of 2.98 and a beta of 1.12. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 EPS. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.