Mackenzie Financial Corp Has $18.97 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Mackenzie Financial Corp increased its stake in Fortinet, Inc. by 42%, acquiring a total of 197,082 shares valued at approximately $18.97 million.
• Several institutional investors, including LPL Financial and Inspire Advisors, have modified their holdings in Fortinet, with institutional ownership currently at 83.71%.
• Analysts have set new price targets for Fortinet, with a consensus rating of "Hold" and an average target price of $107.00.

Mackenzie Financial Corp raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 42.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 197,082 shares of the software maker's stock after purchasing an additional 58,255 shares during the quarter. Mackenzie Financial Corp's holdings in Fortinet were worth $18,971,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC raised its position in Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. boosted its position in Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after acquiring an additional 2,000,888 shares during the last quarter. FMR LLC boosted its position in Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Fortinet by 17.2% during the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after purchasing an additional 951,233 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 valued at $565,953,000 after purchasing an additional 202,259 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Roth Capital set a $103.00 price target on shares of Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Wolfe Research initiated coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. Finally, Scotiabank dropped their target price on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $107.00.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 17.20% of the stock is owned by company insiders.

Fortinet Stock Down 2.5%

Shares of NASDAQ:FTNT traded down $2.54 during trading on Friday, hitting $97.36. 4,708,207 shares of the company's stock traded hands, compared to its average volume of 3,701,725. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market cap of $74.52 billion, a price-to-earnings ratio of 40.07, a price-to-earnings-growth ratio of 3.36 and a beta of 1.08. The company has a 50-day moving average price of $103.27 and a 200-day moving average price of $101.81.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.