Natixis Advisors LLC Has $29.02 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Natixis Advisors LLC increased its stake in Fortinet, Inc. by 49.0% in the first quarter, owning 301,483 shares worth $29 million.
• Fortinet's stock opened at $97.36 with a twelve-month range between $54.57 and $114.82, and a market cap of $74.52 billion.
• Analysts have a consensus rating of "Hold" for Fortinet, with a consensus price target of $107.00, reflecting mixed views with some ratings ranging from "sell" to "strong buy".

Natixis Advisors LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 49.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 301,483 shares of the software maker's stock after acquiring an additional 99,167 shares during the quarter. Natixis Advisors LLC's holdings in Fortinet were worth $29,021,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. increased its stake in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. ORG Partners LLC boosted its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $35,000. Wayfinding Financial LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $36,000. Finally, Mechanics Financial Corp acquired a new position in shares of Fortinet during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 1.2%

FTNT stock traded up $1.19 during midday trading on Monday, reaching $98.55. The company had a trading volume of 5,369,347 shares, compared to its average volume of 3,937,192. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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 capitalization of $75.43 billion, a P/E ratio of 40.56, a PEG ratio of 3.36 and a beta of 1.07. The company has a 50 day moving average of $103.27 and a two-hundred day moving average of $101.93.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping 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 company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $0.43 EPS. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FTNT shares. Scotiabank decreased their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. Morgan Stanley dropped their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald increased their price objective on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research note 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. Finally, Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. One research 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.com, the stock has an average rating of "Hold" and a consensus target price of $107.00.

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.