SSA Swiss Advisors AG Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• SSA Swiss Advisors AG has acquired a new position in Fortinet, purchasing 32,005 shares valued at approximately $3.06 million, making it the firm's 26th largest holding.
• Fortinet's stock opened at $104.77 and has a market capitalization of approximately $80.19 billion, with a P/E ratio of 43.12.
• CEO Ken Xie sold 158,488 shares of Fortinet's stock for a total of roughly $16.82 million, representing a 0.31% decrease in his holdings.

SSA Swiss Advisors AG acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 32,005 shares of the software maker's stock, valued at approximately $3,063,000. Fortinet accounts for approximately 1.6% of SSA Swiss Advisors AG's investment portfolio, making the stock its 26th biggest position.

Other institutional investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. grew its position in 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 acquiring an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the 4th quarter worth $27,000. ORG Partners LLC boosted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC purchased a new position in Fortinet in the first quarter valued at about $35,000. Finally, Mechanics Financial Corp purchased a new stake in shares of Fortinet during the first quarter valued at about $36,000. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Cantor Fitzgerald upped their price target on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Barclays set a $110.00 target price on Fortinet and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Finally, Scotiabank cut their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target of $107.00.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $2.48 during midday trading on Friday, hitting $97.42. The stock had a trading volume of 748,792 shares, compared to its average volume of 4,718,799. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market capitalization of $74.57 billion, a PE ratio of 40.18, a P/E/G ratio of 3.51 and a beta of 1.06. The stock has a 50 day simple moving average of $103.38 and a 200-day simple moving average of $101.78.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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 net margin of 30.60% and a return on equity of 148.79%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 17.20% of the company's stock.

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.