GAM Holding AG Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

GAM Holding AG increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 32.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,387 shares of the software maker's stock after purchasing an additional 9,323 shares during the quarter. GAM Holding AG's holdings in Fortinet were worth $3,695,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in FTNT. Advisor Resource Council acquired a new stake in Fortinet in the first quarter valued at $264,000. ORG Partners LLC lifted its stake in 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 acquiring an additional 112 shares during the last quarter. Blue Trust Inc. lifted its stake in Fortinet by 9.1% in the first quarter. Blue Trust Inc. now owns 8,070 shares of the software maker's stock valued at $777,000 after acquiring an additional 672 shares during the last quarter. Silver Oak Securities Incorporated lifted its stake in Fortinet by 150.2% in the first quarter. Silver Oak Securities Incorporated now owns 8,189 shares of the software maker's stock valued at $791,000 after acquiring an additional 4,916 shares during the last quarter. Finally, Duncan Williams Asset Management LLC lifted its stake in Fortinet by 6.1% in the first quarter. Duncan Williams Asset Management LLC now owns 12,366 shares of the software maker's stock valued at $1,190,000 after acquiring an additional 708 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other news, Director William H. Neukom acquired 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director now owns 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

NASDAQ:FTNT traded down $0.97 during trading hours on Friday, reaching $99.85. The stock had a trading volume of 6,943,980 shares, compared to its average volume of 4,897,621. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a 50 day moving average price of $101.86 and a two-hundred day moving average price of $100.31. The stock has a market capitalization of $76.43 billion, a PE ratio of 41.09, a PEG ratio of 3.44 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted 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. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business earned $0.43 EPS. Fortinet's revenue was up 13.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Morgan Stanley cut their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stifel Nicolaus dropped their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Royal Bank Of Canada lowered their price target on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. Finally, Roth Capital set a $103.00 price target on shares of Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $104.80.

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.