Caisse DE Depot ET Placement DU Quebec Has $110.27 Million Position in Fortinet, Inc. $FTNT

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its holdings in Fortinet, Inc. by 23.7% in Q1, owning over 1.14 million shares valued at approximately $110.27 million.
• Fortinet's stock has experienced significant fluctuations, with a 52-week low of $70.12 and a high of $114.82, currently trading around $80.02.
• Wall Street analysts have mixed ratings on Fortinet, with a consensus rating of "Hold" and a price target averaging $97.40, while some firms have downgraded their ratings from "Buy" to "Hold."

Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 23.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,145,571 shares of the software maker's stock after acquiring an additional 219,379 shares during the period. Caisse DE Depot ET Placement DU Quebec owned 0.15% of Fortinet worth $110,273,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Ritholtz Wealth Management grew its stake in shares of Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the period. Gould Capital LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at about $908,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after buying an additional 38,080 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after buying an additional 16,139 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $80.02 on Monday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company's 50 day moving average price is $96.98 and its two-hundred day moving average price is $100.09. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market cap of $61.32 billion, a P/E ratio of 31.88, a P/E/G ratio of 3.03 and a beta of 1.07.

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, topping 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 firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter last year, the firm earned $0.57 EPS. The company's quarterly revenue was up 13.6% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Scotiabank reduced their target price on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 7th. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Erste Group Bank downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. cut their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Finally, TD Cowen reiterated a "hold" rating and set a $105.00 price target on shares of Fortinet in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $97.40.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of Fortinet 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 sale, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by insiders.

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.

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