Saturna Capital Corp Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Saturna Capital Corp increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 56.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,070 shares of the software maker's stock after buying an additional 4,370 shares during the quarter. Saturna Capital Corp's holdings in Fortinet were worth $1,162,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its holdings in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter worth about $27,000. ORG Partners LLC boosted its holdings in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the period. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet during the first quarter worth approximately $35,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Fortinet in the first quarter valued at approximately $36,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Barclays set a $110.00 price objective on Fortinet and gave the company an "equal weight" rating in a report on Monday, July 14th. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, KeyCorp cut their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. One 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 data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $106.48.

Insider Activity at Fortinet

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 sale, the chief executive officer owned 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Trading Up 0.5%

Fortinet stock traded up $0.50 during mid-day trading on Friday, hitting $105.42. The company's stock had a trading volume of 3,639,808 shares, compared to its average volume of 4,845,046. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The stock has a market cap of $80.69 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The business has a 50 day moving average price of $103.30 and a 200-day moving average price of $101.30. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share 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 business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm posted $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current 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.