Mackenzie Financial Corp Acquires 79,985 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mackenzie Financial Corp boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 135.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 138,827 shares of the software maker's stock after purchasing an additional 79,985 shares during the quarter. Mackenzie Financial Corp's holdings in Fortinet were worth $13,116,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. grew its position in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter worth approximately $46,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Down 2.4%

Shares of NASDAQ:FTNT traded down $2.47 on Thursday, reaching $102.04. The company had a trading volume of 4,731,104 shares, compared to its average volume of 4,971,492. The stock has a market capitalization of $78.10 billion, a P/E ratio of 45.15, a P/E/G ratio of 4.19 and a beta of 1.16. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average price of $99.63 and a 200 day moving average price of $99.41. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the company earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on FTNT shares. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Morgan Stanley reduced their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Cantor Fitzgerald reduced their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, The Goldman Sachs Group lifted their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $104.80.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 697,818 shares of company stock worth $69,539,128 over the last ninety days. Company insiders own 17.20% of the company's stock.

About Fortinet

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.