Fortinet, Inc. (NASDAQ:FTNT) Position Increased by IFM Investors Pty Ltd

IFM Investors Pty Ltd lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 135,537 shares of the software maker's stock after purchasing an additional 11,592 shares during the period. IFM Investors Pty Ltd's holdings in Fortinet were worth $13,047,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. GF Fund Management CO. LTD. lifted its position in shares of Fortinet by 1.8% during the first quarter. GF Fund Management CO. LTD. now owns 147,870 shares of the software maker's stock worth $14,234,000 after purchasing an additional 2,610 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Fortinet by 20.6% during the first quarter. OneDigital Investment Advisors LLC now owns 6,438 shares of the software maker's stock worth $620,000 after purchasing an additional 1,099 shares during the last quarter. Silver Oak Securities Incorporated lifted its position in shares of Fortinet by 150.2% during the first quarter. Silver Oak Securities Incorporated now owns 8,189 shares of the software maker's stock worth $791,000 after purchasing an additional 4,916 shares during the last quarter. Checchi Capital Advisers LLC lifted its position in shares of Fortinet by 4.3% during the first quarter. Checchi Capital Advisers LLC now owns 3,732 shares of the software maker's stock worth $359,000 after purchasing an additional 153 shares during the last quarter. Finally, Barlow Wealth Partners Inc. lifted its position in shares of Fortinet by 1.2% during the first quarter. Barlow Wealth Partners Inc. now owns 177,055 shares of the software maker's stock worth $18,024,000 after purchasing an additional 2,078 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wall Street Zen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. KeyCorp cut their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Morgan Stanley cut their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Wells Fargo & Company cut their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $105.62.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.99 during mid-day trading on Monday, reaching $106.65. 4,762,165 shares of the company traded hands, compared to its average volume of 4,864,274. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market cap of $81.63 billion, a PE ratio of 43.89, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The stock has a fifty day simple moving average of $103.31 and a 200-day simple moving average of $100.84.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the business earned $0.43 earnings per share. The business's revenue for the quarter was up 13.8% on a year-over-year basis. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.