Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Universal Beteiligungs und Servicegesellschaft mbH

Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 805,104 shares of the software maker's stock after purchasing an additional 11,691 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned 0.11% of Fortinet worth $77,499,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FTNT. SJS Investment Consulting Inc. lifted its position in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the 4th quarter worth approximately $27,000. ORG Partners LLC lifted its position in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new position in Fortinet during the 1st quarter worth approximately $35,000. Finally, Mechanics Financial Corp acquired a new position in Fortinet during the 1st quarter worth approximately $36,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 1.1%

NASDAQ FTNT traded down $1.23 during trading hours on Tuesday, hitting $105.71. 575,798 shares of the company traded hands, compared to its average volume of 4,823,173. The business's 50-day moving average is $103.30 and its 200-day moving average is $101.35. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The stock has a market capitalization of $80.91 billion, a price-to-earnings ratio of 43.51, a P/E/G ratio of 3.63 and a beta of 1.06.

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

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTNT shares. Robert W. Baird boosted their price target on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. KeyCorp lowered their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company lowered their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Rosenblatt Securities restated a "buy" rating and set a $125.00 price objective on shares of Fortinet in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $106.48.

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.

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