DSM Capital Partners LLC Has $235.87 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• DSM Capital Partners LLC has increased its stake in Fortinet by 0.8% during the first quarter, holding approximately 2.45 million shares valued at around $235.87 million.
• Institutional investors collectively own 83.71% of Fortinet's stock, with multiple funds significantly increasing their positions during the same period.
• Analysts have given Fortinet a consensus rating of "Hold", with a revised average price target of $97.93, accompanied by a recent earnings report beating expectations.

DSM Capital Partners LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,450,338 shares of the software maker's stock after acquiring an additional 19,174 shares during the quarter. Fortinet accounts for about 4.1% of DSM Capital Partners LLC's portfolio, making the stock its 8th biggest holding. DSM Capital Partners LLC owned 0.32% of Fortinet worth $235,870,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Ritholtz Wealth Management raised its holdings in Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Fortinet in the 1st quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC raised its holdings in Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after buying an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after buying an additional 16,139 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after buying an additional 3,189 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT traded up $1.86 on Friday, hitting $79.11. The company had a trading volume of 10,860,686 shares, compared to its average volume of 8,724,086. The company's fifty day moving average price is $99.22 and its 200 day moving average price is $100.90. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market cap of $60.62 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 2.93 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% 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 business posted $0.57 EPS. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Wedbush cut their price target on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Scotiabank cut their price target on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 7th. TD Cowen reiterated a "hold" rating and set a $105.00 price target on shares of Fortinet in a research note on Thursday, August 7th. Finally, Wells Fargo & Company cut their price target on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $97.93.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 335 shares of the stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 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 $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. 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 17.20% of the company's stock.

About Fortinet

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.