OVERSEA CHINESE BANKING Corp Ltd Has $11.73 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has reduced its holdings in Fortinet, Inc. by 16.9%, now owning 121,868 shares valued at approximately $11.7 million as of the latest SEC filing.
• Institutional investors collectively own 83.71% of Fortinet's stock, with several firms increasing their positions in the first quarter, including Ritholtz Wealth Management and Wealth Enhancement Advisory Services LLC.
• Fortinet's latest earnings report indicated a 13.8% year-over-year revenue growth, with earnings per share surpassing analysts' expectations at $0.58, compared to a consensus estimate of $0.53.

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 16.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,868 shares of the software maker's stock after selling 24,841 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Fortinet were worth $11,726,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Ritholtz Wealth Management increased its stake in Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after purchasing an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Fortinet during the first quarter valued at $216,000. Wealth Enhancement Advisory Services LLC increased its stake in Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after purchasing an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after purchasing an additional 16,139 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after purchasing an additional 3,189 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. KeyCorp lowered their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley lowered their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Barclays set a $110.00 price target on shares of Fortinet and gave the stock an "equal weight" rating in a research report on Monday, July 14th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $107.00.

Fortinet Trading Up 1.2%

FTNT stock traded up $1.19 during mid-day trading on Monday, reaching $98.55. 5,369,347 shares of the stock traded hands, compared to its average volume of 3,937,192. The company has a market cap of $75.43 billion, a P/E ratio of 40.56, a P/E/G ratio of 3.36 and a beta of 1.07. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The stock's fifty day moving average is $103.27 and its 200-day moving average is $101.93.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.