Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by GF Fund Management CO. LTD.

GF Fund Management CO. LTD. lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 147,870 shares of the software maker's stock after acquiring an additional 2,610 shares during the period. GF Fund Management CO. LTD.'s holdings in Fortinet were worth $14,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% during the 1st 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. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet during the fourth quarter worth about $27,000. ORG Partners LLC boosted its position 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 buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in Fortinet in the first quarter valued at approximately $35,000. Finally, Rossby Financial LCC acquired a new position in Fortinet in the 1st quarter worth approximately $41,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on FTNT shares. UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. Stifel Nicolaus decreased their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Finally, BMO Capital Markets lowered their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. One investment 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Price Performance

NASDAQ FTNT traded up $3.06 during trading hours on Friday, hitting $105.27. 2,864,114 shares of the company's stock traded hands, compared to its average volume of 4,857,707. The company has a market capitalization of $80.57 billion, a PE ratio of 43.32, a PEG ratio of 3.64 and a beta of 1.06. 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, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm's 50-day moving average is $103.16 and its 200-day moving average is $100.63.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business earned $0.43 earnings per share. The business's revenue was up 13.8% compared to the same quarter last year. Equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.20% of the company's stock.

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.