Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 38.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 203,400 shares of the software maker's stock after buying an additional 56,691 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Fortinet were worth $19,579,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. increased its position 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 during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the fourth quarter worth $27,000. ORG Partners LLC increased its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new position in Fortinet in the first quarter valued at $35,000. Finally, Wayfinding Financial LLC acquired a new stake in Fortinet in the first quarter valued at $36,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom bought 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of Fortinet stock traded up $3.91 on Monday, reaching $102.97. 6,018,603 shares of the stock were exchanged, compared to its average volume of 4,888,433. 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 firm has a market capitalization of $78.82 billion, a PE ratio of 42.37, a PEG ratio of 3.42 and a beta of 1.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The business has a fifty day moving average price of $103.23 and a two-hundred day moving average price of $101.02.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The company 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 firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FTNT. Barclays set a $110.00 price objective on Fortinet and gave the company an "equal weight" rating in a report on Monday. Royal Bank Of Canada dropped their price target on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price for the company. Finally, Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday. One equities 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $106.14.

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.