iA Global Asset Management Inc. Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• iA Global Asset Management Inc. reduced its stake in Fortinet, Inc. by 10.3%, owning 102,948 shares valued at approximately $9.91 million after selling 11,828 shares.
• Fortinet reported a quarterly earnings per share of $0.58, exceeding the consensus estimate by $0.05, with a revenue of $1.54 billion, marking a 13.8% increase from the previous year.
• Several institutional investors, including Eagle Capital Management and Brighton Jones LLC, adjusted their positions in Fortinet, highlighting a significant interest in the stock despite recent fluctuations.

iA Global Asset Management Inc. reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 102,948 shares of the software maker's stock after selling 11,828 shares during the quarter. iA Global Asset Management Inc.'s holdings in Fortinet were worth $9,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Ritholtz Wealth Management grew its stake in shares of Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after acquiring an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC bought a new position in Fortinet during the first quarter valued at approximately $216,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after purchasing an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position 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 worth $11,763,000 after purchasing an additional 16,139 shares during the period. Finally, GAMMA Investing LLC raised its stake in Fortinet by 18.9% during 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 last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. Cantor Fitzgerald increased their price target on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Rosenblatt Securities reissued a "buy" rating and issued a $125.00 target price on shares of Fortinet in a report on Monday, July 28th. UBS Group cut their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note 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. Finally, Barclays set a $110.00 price objective on shares of Fortinet and gave the stock an "equal weight" rating in a research note on Monday, July 14th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $107.00.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.37 during mid-day trading on Wednesday, reaching $96.58. The company's stock had a trading volume of 8,431,240 shares, compared to its average volume of 3,905,492. 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 $65.00 and a 52 week high of $114.82. The stock has a fifty day moving average of $102.85 and a two-hundred day moving average of $101.88. The firm has a market capitalization of $73.92 billion, a PE ratio of 39.74, a P/E/G ratio of 3.32 and a beta of 1.07.

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 for the quarter, topping the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

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