Fjarde AP Fonden Fourth Swedish National Pension Fund Buys 51,400 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Fortinet, Inc. by 37.5%, acquiring an additional 51,400 shares, bringing its total to 188,580 shares valued at approximately $18.15 million.
• Analyst opinions on Fortinet have varied, with target prices ranging from $75.00 to $110.00, with several analysts lowering their ratings, resulting in an overall average rating of "Hold."
• Fortinet reported a 13.6% increase in revenue year-over-year, posting earnings of $0.64 per share for the recent quarter, exceeding analysts' expectations.

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 37.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 188,580 shares of the software maker's stock after purchasing an additional 51,400 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Fortinet were worth $18,153,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new position in shares of Fortinet during the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after buying an additional 284 shares in the last quarter. ORG Partners LLC boosted its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC bought a new position in shares of Fortinet during the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $1.86 during trading hours on Friday, reaching $79.11. 10,860,686 shares of the stock traded hands, compared to its average volume of 8,724,086. The company has a market capitalization of $60.62 billion, a P/E ratio of 31.52, a price-to-earnings-growth ratio of 2.93 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company's 50-day simple moving average is $99.22 and its two-hundred day simple moving average is $100.90.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%. The business's quarterly 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. Equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 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 $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FTNT shares. Wells Fargo & Company cut their price target on Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Mizuho lowered their target price on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research report on Thursday, August 7th. Truist Financial lowered their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research report 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. Finally, Cowen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of "Hold" and an average price target of $97.93.

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.