Czech National Bank Acquires 8,183 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Czech National Bank grew its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 146,115 shares of the software maker's stock after acquiring an additional 8,183 shares during the period. Czech National Bank's holdings in Fortinet were worth $14,065,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Eagle Capital Management LLC lifted its stake in shares of Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after buying an additional 404 shares during the last quarter. Brighton Jones LLC lifted its stake in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the last quarter. PFG Investments LLC bought a new stake in shares of Fortinet during the 4th quarter worth $208,000. Strategic Blueprint LLC bought a new position in shares of Fortinet in the fourth quarter worth about $214,000. Finally, Caprock Group LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $2,302,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ FTNT traded down $1.41 on Wednesday, hitting $101.47. 1,748,000 shares of the stock traded hands, compared to its average volume of 4,964,998. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business's fifty day moving average is $99.77 and its two-hundred day moving average is $99.59. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a market capitalization of $77.67 billion, a price-to-earnings ratio of 44.90, a PEG ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTNT. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. UBS Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, Morgan Stanley decreased their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $104.80.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 697,818 shares of company stock valued at $69,539,128 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

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.