13,809 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Unigestion Holding SA

Unigestion Holding SA purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 13,809 shares of the software maker's stock, valued at approximately $1,329,000.

Other hedge funds also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the 4th quarter worth approximately $27,000. Oarsman Capital Inc. increased its stake in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC bought a new position in shares of Fortinet in the fourth quarter worth about $43,000. Banque Transatlantique SA acquired a new position in Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC acquired a new position in Fortinet in the 4th quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. Scotiabank cut their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Susquehanna boosted their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Royal Bank of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. One 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. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $104.80.

Fortinet Price Performance

Fortinet stock traded up $1.88 during trading hours on Thursday, hitting $103.50. 3,367,742 shares of the company traded hands, compared to its average volume of 4,968,438. The firm's 50-day simple moving average is $99.87 and its two-hundred day simple moving average is $99.61. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $79.22 billion, a P/E ratio of 45.80, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year 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, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm earned $0.43 earnings per share. Fortinet's quarterly 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.

Insiders Place Their Bets

In related news, Director Kenneth A. Goldman sold 1,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $99.32, for a total transaction of $99,320.00. Following the sale, the director now owns 20,612 shares in the company, valued at approximately $2,047,183.84. This represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm'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 sale, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 697,818 shares of company stock valued at $69,539,128 in the last 90 days. 18.00% of the stock is currently owned by insiders.

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.