Gulf International Bank UK Ltd reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,314 shares of the software maker's stock after selling 10,534 shares during the period. Gulf International Bank UK Ltd's holdings in Fortinet were worth $3,688,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. grew its stake in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. Invesco Ltd. lifted its position in shares of Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock worth $824,999,000 after purchasing an additional 181,835 shares in the last quarter. Northern Trust Corp lifted its position in shares of Fortinet by 17.2% in the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock worth $611,316,000 after purchasing an additional 951,233 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet by 3.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock worth $565,953,000 after acquiring an additional 202,259 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Fortinet by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,106,259 shares of the software maker's stock worth $491,528,000 after acquiring an additional 389,718 shares in the last quarter. 83.71% of the stock is owned by institutional investors.
Insider Buying and Selling at Fortinet
In other news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several research firms recently commented on FTNT. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price target on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Mizuho cut their target price on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research report on Thursday, August 7th. Truist Financial lowered their price target on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Finally, Robert W. Baird lifted their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $97.93.
Read Our Latest Report on FTNT
Fortinet Price Performance
Shares of NASDAQ: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 5,399,285. The business has a 50 day moving average of $99.74 and a 200 day moving average of $101.05. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a market cap of $60.62 billion, a PE ratio of 31.52, a PEG ratio of 3.01 and a beta of 1.07. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.
Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm earned $0.57 earnings per share. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.
About Fortinet
(
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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