Raiffeisen Bank International AG Buys 45,342 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Raiffeisen Bank International AG significantly increased its stake in Fortinet, Inc. by 304.7% during the first quarter, acquiring 45,342 additional shares, bringing its total holdings to 60,221 shares valued at $5.8 million.
• Fortinet's stock has seen a price decline of 2.5% recently, with current trading at $97.36, and a consensus analyst rating of "Hold" with an average target price of $107.00.
• The company reported earnings of $0.58 per share for the last quarter, surpassing analyst expectations, and achieved a revenue increase of 13.8% compared to the previous year.

Raiffeisen Bank International AG grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 304.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,221 shares of the software maker's stock after purchasing an additional 45,342 shares during the quarter. Raiffeisen Bank International AG's holdings in Fortinet were worth $5,817,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smithfield Trust Co raised its stake in Fortinet by 10.8% during the first quarter. Smithfield Trust Co now owns 2,621 shares of the software maker's stock valued at $251,000 after buying an additional 256 shares in the last quarter. Fairfield Financial Advisors LTD boosted its stake in Fortinet by 10.0% during the 1st quarter. Fairfield Financial Advisors LTD now owns 2,980 shares of the software maker's stock valued at $287,000 after purchasing an additional 270 shares in the last quarter. Manchester Capital Management LLC lifted its position in shares of Fortinet by 18.1% during the 1st quarter. Manchester Capital Management LLC now owns 996 shares of the software maker's stock valued at $96,000 after acquiring an additional 153 shares during the last quarter. Liberty Wealth Management LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at $1,000,000. Finally, R Squared Ltd lifted its holdings in shares of Fortinet by 404.3% in the first quarter. R Squared Ltd now owns 3,480 shares of the software maker's stock valued at $335,000 after purchasing an additional 2,790 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Cantor Fitzgerald increased their price objective on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Morgan Stanley reduced their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. BMO Capital Markets reduced their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. KeyCorp cut their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $107.00.

Insider Activity

In related news, VP Michael Xie sold 476,596 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 2.4%

Shares of FTNT stock traded down $2.34 on Tuesday, hitting $96.21. The stock had a trading volume of 4,032,512 shares, compared to its average volume of 3,968,211. Fortinet, Inc. has a twelve month low of $55.19 and a twelve month high of $114.82. The firm has a market cap of $73.64 billion, a P/E ratio of 39.59, a PEG ratio of 3.40 and a beta of 1.07. 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 fifty day moving average price of $103.00 and a two-hundred day moving average price of $101.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly 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 company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the business earned $0.43 EPS. The firm's revenue was up 13.8% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.