Migdal Insurance & Financial Holdings Ltd. Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Migdal Insurance & Financial Holdings Ltd. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,364 shares of the software maker's stock after buying an additional 2,460 shares during the period. Migdal Insurance & Financial Holdings Ltd.'s holdings in Fortinet were worth $3,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in FTNT. Eagle Capital Management LLC lifted its position in shares of Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after purchasing an additional 404 shares in the last quarter. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Fortinet by 95.3% during the fourth quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker's stock valued at $547,000 after purchasing an additional 2,827 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of Fortinet by 17.6% during the fourth quarter. Harbour Investments Inc. now owns 1,465 shares of the software maker's stock valued at $138,000 after purchasing an additional 219 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in Fortinet by 2.7% during the fourth quarter. Parallel Advisors LLC now owns 7,738 shares of the software maker's stock worth $731,000 after buying an additional 204 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director William H. Neukom acquired 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president directly owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% 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.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Stephens assumed coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective for the company. Robert W. Baird boosted 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. Wolfe Research started coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. Royal Bank Of Canada lowered their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Finally, BMO Capital Markets lowered their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $106.48.

Fortinet Stock Up 0.5%

FTNT stock traded up $0.50 during trading on Friday, hitting $105.42. 3,639,808 shares of the stock traded hands, compared to its average volume of 4,845,046. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm's 50 day moving average is $103.30 and its two-hundred day moving average is $101.30. The stock has a market cap of $80.69 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth 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 (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 EPS. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.