Crossmark Global Holdings Inc. Has $21.49 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Crossmark Global Holdings Inc. lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 39.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 223,252 shares of the software maker's stock after acquiring an additional 63,515 shares during the period. Crossmark Global Holdings Inc.'s holdings in Fortinet were worth $21,490,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. Geode Capital Management LLC grew its position in Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. grew its position in Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after purchasing an additional 2,000,888 shares in the last quarter. Norges Bank purchased a new position in Fortinet during the fourth quarter valued at approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. UBS Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. KeyCorp cut their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Royal Bank Of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Finally, Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.11 during trading hours on Wednesday, hitting $107.65. 4,441,429 shares of the company traded hands, compared to its average volume of 4,869,562. The stock has a market capitalization of $82.40 billion, a price-to-earnings ratio of 44.30, a P/E/G ratio of 3.71 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a 50-day moving average of $103.45 and a 200 day moving average of $100.94. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 EPS. On average, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current 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.