Federation des caisses Desjardins du Quebec Grows Stock Position in Fortinet, Inc. $FTNT

Key Points

• The Federation des caisses Desjardins du Quebec increased its stock holdings in Fortinet, Inc. by 9.2%, acquiring an additional 8,890 shares, bringing their total ownership to 105,195 shares valued at approximately $10.1 million.
• Recent analyst ratings indicate that Fortinet's stock has been downgraded by multiple firms, with target prices being revised down, such as JPMorgan lowering theirs from $105.00 to $87.00 and Truist from $125.00 to $95.00.
• Insider trading saw VP Michael Xie sell 476,596 shares for over $46.9 million, reducing his ownership by 4.67%, while Director William H. Neukom moderately increased his own stake by purchasing 335 shares.

Federation des caisses Desjardins du Quebec grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 105,195 shares of the software maker's stock after purchasing an additional 8,890 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in Fortinet were worth $10,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Maverick Capital Ltd. acquired a new position in shares of Fortinet in the 1st quarter valued at $326,000. Focus Partners Advisor Solutions LLC increased its holdings in shares of Fortinet by 69.0% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 30,662 shares of the software maker's stock valued at $2,952,000 after acquiring an additional 12,516 shares during the period. Saudi Central Bank acquired a new position in shares of Fortinet in the 1st quarter valued at $25,000. Panagora Asset Management Inc. increased its holdings in shares of Fortinet by 4.3% in the 1st quarter. Panagora Asset Management Inc. now owns 715,969 shares of the software maker's stock valued at $68,919,000 after acquiring an additional 29,255 shares during the period. Finally, Vident Advisory LLC increased its holdings in shares of Fortinet by 106.4% in the 1st quarter. Vident Advisory LLC now owns 841,935 shares of the software maker's stock valued at $81,045,000 after acquiring an additional 434,057 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business's 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 sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $2.39 during trading on Friday, hitting $78.83. 10,495,077 shares of the company were exchanged, compared to its average volume of 9,263,326. The company has a market cap of $60.40 billion, a price-to-earnings ratio of 31.41, a PEG 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 firm's fifty day moving average price is $92.07 and its 200 day moving average price is $97.89. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business's revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Stifel Nicolaus cut their target price on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, August 7th. TD Cowen reaffirmed a "hold" rating and issued a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Citigroup reaffirmed a "neutral" rating and issued a $85.00 target price (down from $110.00) on shares of Fortinet in a report on Monday, August 18th. Wedbush dropped their price objective on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada dropped their price objective on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $97.03.

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.