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Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Deutsche Bank AG

Fortinet logo with Computer and Technology background

Key Points

  • Deutsche Bank AG increased its stake in Fortinet, Inc. by 5.4%, now owning approximately 4.46 million shares valued at about $429.7 million.
  • Fortinet's recent earnings report revealed an EPS of $0.64, exceeding analyst expectations, with a year-over-year revenue increase of 13.6%.
  • Several research firms have downgraded Fortinet’s stock ratings, with Morgan Stanley cutting its rating from "overweight" to "reduce" while lowering the price target from $110.00 to $78.00.
  • Want stock alerts on Fortinet? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Deutsche Bank AG grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,464,326 shares of the software maker's stock after purchasing an additional 229,838 shares during the quarter. Deutsche Bank AG owned 0.58% of Fortinet worth $429,736,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. SJS Investment Consulting Inc. lifted its stake in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new position in shares of Fortinet in the first quarter valued at $28,000. ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new position in shares of Fortinet in the first quarter valued at $35,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $75.30 on Friday. The stock has a market capitalization of $57.64 billion, a P/E ratio of 30.00, a P/E/G ratio of 3.33 and a beta of 1.07. The business has a 50-day moving average of $102.31 and a two-hundred day moving average of $101.75. Fortinet, Inc. has a fifty-two week low of $67.97 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 123.05% and a net margin of 30.60%. The company's revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FTNT. Morgan Stanley lowered Fortinet from an "overweight" rating to a "reduce" rating and reduced their price objective for the stock from $110.00 to $78.00 in a research note on Thursday. Truist Financial decreased their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday. Barclays dropped their price target on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Thursday. KeyCorp lowered shares of Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday. Finally, Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Two investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $98.97.

Read Our Latest Report on FTNT

Fortinet Profile

(Free Report)

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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Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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