Summit Global Investments Buys 3,026 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Summit Global Investments grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 74.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,095 shares of the software maker's stock after purchasing an additional 3,026 shares during the period. Summit Global Investments' holdings in Fortinet were worth $683,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FTNT. Norges Bank bought a new stake in shares of Fortinet during the 4th quarter valued at about $724,048,000. Schroder Investment Management Group purchased a new position in Fortinet in the 4th quarter worth approximately $389,867,000. FMR LLC grew its stake in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Fortinet by 39.3% in the fourth 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 last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on FTNT shares. UBS Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target on the stock. Royal Bank of Canada lowered their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Stock Performance

Fortinet stock traded down $1.41 during mid-day trading on Wednesday, reaching $101.47. 1,748,000 shares of the stock traded hands, compared to its average volume of 4,964,998. The stock has a market capitalization of $77.67 billion, a PE ratio of 44.90, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business's 50-day moving average is $99.77 and its 200-day moving average is $99.59. 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 released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 697,818 shares of company stock worth $69,539,128. Corporate insiders own 18.00% 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.