Fortinet, Inc. $FTNT Position Boosted by Credit Agricole S A

Key Points

• Credit Agricole S A has increased its holdings in Fortinet, Inc. by 1.8%, owning 238,267 shares worth approximately $22.93 million as of the last quarter.
• Fortinet reported $0.64 EPS for the recent quarter, exceeding analysts' expectations of $0.59, with a year-over-year revenue increase of 13.6%.
• Wall Street analysts have lowered their price targets for Fortinet, with the consensus price target now set at $97.40, reflecting mixed ratings from 2 Strong Buy, 8 Buy, and 25 Hold ratings.

Credit Agricole S A increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 238,267 shares of the software maker's stock after acquiring an additional 4,327 shares during the quarter. Credit Agricole S A's holdings in Fortinet were worth $22,936,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SJS Investment Consulting Inc. raised its stake in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC acquired a new stake in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its stake in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares during the period. ORG Partners LLC raised its stake in 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. Finally, EQ Wealth Advisors LLC acquired a new stake in Fortinet during the first quarter worth about $35,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT opened at $78.09 on Wednesday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a market capitalization of $59.84 billion, a PE ratio of 31.11, a P/E/G ratio of 3.06 and a beta of 1.07. The company's 50 day simple moving average is $98.33 and its 200 day simple moving average is $100.62.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business earned $0.57 earnings per share. The business's revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FTNT shares. 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. Truist Financial dropped their price target on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Stifel Nicolaus dropped their price target on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research note on Thursday, August 7th. Robert W. Baird raised their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Wolfe Research started coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $97.40.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.