Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 41.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,393 shares of the software maker's stock after purchasing an additional 10,720 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Fortinet were worth $3,503,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FTNT. SJS Investment Consulting Inc. increased its stake in Fortinet by 703.1% in the 1st 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 during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet in the fourth quarter valued at about $27,000. ORG Partners LLC increased its stake in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the period. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet during the first quarter worth about $35,000. Finally, Wayfinding Financial LLC purchased a new position in Fortinet during the first quarter worth about $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 0.9%

Shares of NASDAQ:FTNT traded up $0.99 during trading on Monday, reaching $106.65. The stock had a trading volume of 4,762,165 shares, compared to its average volume of 4,864,273. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The stock has a market cap of $81.63 billion, a P/E ratio of 43.89, a PEG ratio of 3.64 and a beta of 1.06. The business has a fifty day moving average price of $103.23 and a 200-day moving average price of $100.78. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the business earned $0.43 earnings per share. Fortinet's revenue was up 13.8% compared to the same quarter last year. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president directly owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FTNT shares. Robert W. Baird boosted their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Roth Capital set a $103.00 price target on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating on the stock. BMO Capital Markets cut their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 price objective on shares of Fortinet in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $105.62.

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.