Praxis Investment Management Inc. Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Praxis Investment Management Inc. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 35.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,070 shares of the software maker's stock after buying an additional 5,000 shares during the quarter. Praxis Investment Management Inc.'s holdings in Fortinet were worth $1,836,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after buying an additional 730,994 shares during the period. Geode Capital Management LLC increased its holdings in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the period. Invesco Ltd. increased its holdings in Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the period. Norges Bank purchased a new position in shares of Fortinet in the 4th quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now directly owns 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. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Jefferies Financial Group cut their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Robert W. Baird raised their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. UBS Group lowered their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, Wolfe Research assumed coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Price Performance

FTNT traded down $0.97 during trading on Friday, reaching $99.85. The stock had a trading volume of 6,943,980 shares, compared to its average volume of 4,897,621. The business has a 50-day moving average of $101.86 and a 200-day moving average of $100.31. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $76.43 billion, a PE ratio of 41.09, a PEG ratio of 3.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the firm earned $0.43 EPS. The company's revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.