Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Vestcor Inc

Key Points

• Vestcor Inc increased its stake in Fortinet, Inc. by 61.9%, acquiring 7,461 shares and bringing its total holdings to 19,507 shares valued at approximately $1,878,000.
• Fortinet reported a quarterly earnings per share of $0.58, surpassing analysts' expectations of $0.53, while its revenue matched predictions at $1.54 billion.
• Several analysts have recently adjusted their price targets on Fortinet, with BMO Capital Markets lowering its target from $122.00 to $110.00, and Wolfe Research initiating coverage with a "peer perform" rating.

Vestcor Inc increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 61.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,507 shares of the software maker's stock after acquiring an additional 7,461 shares during the quarter. Vestcor Inc's holdings in Fortinet were worth $1,878,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Eagle Capital Management LLC raised its stake in Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after buying an additional 404 shares during the last quarter. Brighton Jones LLC boosted its stake in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the period. CIBC Private Wealth Group LLC raised its position in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the 4th quarter worth approximately $27,000. Finally, Summit Financial LLC lifted its holdings in shares of Fortinet by 55.5% in the 4th quarter. Summit Financial LLC now owns 6,821 shares of the software maker's stock worth $644,000 after buying an additional 2,434 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Monday, July 28th. Cantor Fitzgerald lifted 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. BMO Capital Markets lowered their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating for the company. Finally, Royal Bank Of Canada reduced their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $107.00.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 17.20% of the stock is owned by company insiders.

Fortinet Trading Down 2.5%

NASDAQ FTNT traded down $2.54 on Friday, reaching $97.36. The stock had a trading volume of 4,708,207 shares, compared to its average volume of 3,701,725. The firm has a market capitalization of $74.52 billion, a price-to-earnings ratio of 40.07, a P/E/G ratio of 3.36 and a beta of 1.08. 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 12-month low of $54.57 and a 12-month high of $114.82. The stock has a fifty day moving average price of $103.27 and a two-hundred day moving average price of $101.88.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.43 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.