BI Asset Management Fondsmaeglerselskab A S Grows Stock Position in Fortinet, Inc. $FTNT

Key Points

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BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 315,157 shares of the software maker's stock after purchasing an additional 18,791 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Fortinet were worth $30,337,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in FTNT. Fuller & Thaler Asset Management Inc. boosted its position in shares of Fortinet by 71.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 157,187 shares of the software maker's stock worth $15,131,000 after purchasing an additional 65,357 shares during the last quarter. Korea Investment CORP increased its position in shares of Fortinet by 4.5% in the first quarter. Korea Investment CORP now owns 474,569 shares of the software maker's stock valued at $45,682,000 after acquiring an additional 20,639 shares during the last quarter. Qtron Investments LLC grew its holdings in Fortinet by 8.6% during the first quarter. Qtron Investments LLC now owns 11,110 shares of the software maker's stock worth $1,069,000 after purchasing an additional 884 shares during the period. Alpha Family Trust boosted its holdings in shares of Fortinet by 36.7% during the first quarter. Alpha Family Trust now owns 5,120 shares of the software maker's stock worth $493,000 after acquiring an additional 1,375 shares during the period. Finally, Aptus Capital Advisors LLC boosted its stake in shares of Fortinet by 41.2% in the first quarter. Aptus Capital Advisors LLC now owns 10,894 shares of the software maker's stock valued at $1,049,000 after buying an additional 3,178 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 2.9%

FTNT stock traded up $2.2550 on Friday, reaching $80.0050. The company's stock had a trading volume of 4,516,544 shares, compared to its average volume of 5,566,905. The business has a fifty day simple moving average of $97.40 and a two-hundred day simple moving average of $100.31. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market cap of $61.31 billion, a PE ratio of 31.87, a PEG ratio of 3.02 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

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

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Mizuho cut their price target on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. BMO Capital Markets decreased their price target on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a research note on Thursday, August 7th. Evercore ISI cut their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a report on Friday, August 8th. Scotiabank cut their price target on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Finally, Wolfe Research started coverage on shares of Fortinet in a report on Monday, May 12th. They set a "peer perform" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $97.40.

Insider Activity

In related news, VP Michael Xie sold 476,596 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $15,607,701.28. Following the completion of 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 disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

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.