Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Castellan Group

Key Points

• Castellan Group increased its holdings in Fortinet by 59.1% in Q1, owning 138,768 shares valued at approximately $13.36 million, making it the third largest position in their portfolio.
• A recent report noted a mix of adjustments from analysts, with some lowering price targets for Fortinet while others upgraded their ratings, resulting in an average price target of $107.00.
• Fortinet reported earnings of $0.58 per share for the last quarter, surpassing analysts' expectations and demonstrating a year-over-year revenue increase of 13.8%.

Castellan Group boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 59.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 138,768 shares of the software maker's stock after buying an additional 51,560 shares during the period. Fortinet accounts for approximately 3.7% of Castellan Group's portfolio, making the stock its 3rd biggest holding. Castellan Group's holdings in Fortinet were worth $13,358,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FTNT. Invesco Ltd. increased its holdings in shares of Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after purchasing an additional 2,000,888 shares during the period. FMR LLC grew its holdings in Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the period. Northern Trust Corp grew its holdings in Fortinet by 17.2% during the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock worth $611,316,000 after acquiring an additional 951,233 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortinet by 3.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock worth $565,953,000 after acquiring an additional 202,259 shares during the period. Finally, Bessemer Group Inc. grew its holdings in Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after acquiring an additional 2,064,016 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Stifel Nicolaus dropped their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Monday, July 28th. Robert W. Baird boosted their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Roth Capital set a $103.00 target price on Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $107.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The shares were acquired 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 $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 17.20% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $2.54 during mid-day trading on Friday, reaching $97.36. The company had a trading volume of 4,708,207 shares, compared to its average volume of 3,701,725. 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 has a market cap of $74.52 billion, a PE ratio of 40.07, a P/E/G ratio of 3.36 and a beta of 1.08. The company has a 50-day moving average price of $103.27 and a two-hundred day moving average price of $101.88. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the firm posted $0.43 EPS. The company's quarterly revenue was up 13.8% on a year-over-year basis. On average, equities analysts anticipate 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.