Panagora Asset Management Inc. Buys 29,255 Shares of Fortinet, Inc. $FTNT

Key Points

• Panagora Asset Management Inc. increased its ownership in Fortinet, Inc. by 4.3%, now holding approximately 0.09% of the company valued at $68.9 million.
• Fortinet's stock has received mixed ratings from analysts, with the average target price set at $97.40, reflecting recent downgrades by several institutions.
• The company reported a 13.6% year-over-year revenue increase, with quarterly earnings of $0.64 per share, exceeding analysts' expectations.

Panagora Asset Management Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 715,969 shares of the software maker's stock after acquiring an additional 29,255 shares during the quarter. Panagora Asset Management Inc. owned about 0.09% of Fortinet worth $68,919,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vident Advisory LLC boosted its position in Fortinet by 106.4% during the 1st quarter. Vident Advisory LLC now owns 841,935 shares of the software maker's stock worth $81,045,000 after acquiring an additional 434,057 shares during the period. Kodai Capital Management LP bought a new stake in shares of Fortinet in the 1st quarter worth $13,629,000. Evergreen Capital Management LLC raised its stake in shares of Fortinet by 15.1% in the 1st quarter. Evergreen Capital Management LLC now owns 7,183 shares of the software maker's stock worth $691,000 after buying an additional 943 shares in the last quarter. Magnetar Financial LLC bought a new stake in shares of Fortinet in the 1st quarter worth $522,000. Finally, Canada Pension Plan Investment Board raised its stake in shares of Fortinet by 49.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 340,677 shares of the software maker's stock worth $32,794,000 after buying an additional 113,108 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Down 0.7%

NASDAQ FTNT traded down $0.52 on Friday, reaching $78.77. The stock had a trading volume of 4,456,207 shares, compared to its average volume of 11,627,166. The business has a 50 day moving average price of $94.69 and a 200 day moving average price of $99.03. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a market capitalization of $60.36 billion, a price-to-earnings ratio of 31.38, a P/E/G ratio of 2.98 and a beta of 1.13.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. The business's quarterly revenue was up 13.6% compared to the same quarter last year. On average, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. Erste Group Bank downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. Mizuho dropped their price objective on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. UBS Group dropped their price objective on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Cantor Fitzgerald boosted their price objective on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Truist Financial dropped their price objective on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $97.40.

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.