Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Zurcher Kantonalbank increased its stake in Fortinet by 4.5%, acquiring an additional 35,384 shares for a total of 822,999 shares valued at approximately $79.2 million.
• Other institutional investors also boosted their positions in Fortinet, with Ritholtz Wealth Management growing its holdings by 38.4% and Wealth Enhancement Advisory Services growing by 40.8% in the first quarter.
• Fortinet reported $1.54 billion in revenue for the last quarter, with an earnings per share of $0.58, exceeding analysts' expectations of $0.53.

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 822,999 shares of the software maker's stock after purchasing an additional 35,384 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.11% of Fortinet worth $79,222,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FTNT. Schroder Investment Management Group acquired a new position in shares of Fortinet during the 4th quarter worth approximately $389,867,000. FMR LLC grew its position in shares of Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Bessemer Group Inc. boosted its position 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 worth $463,561,000 after acquiring an additional 2,064,016 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after acquiring an additional 2,000,888 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated 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 of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of Fortinet 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 transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock traded down $3.05 during mid-day trading on Wednesday, hitting $101.72. 2,630,103 shares of the stock were exchanged, compared to its average volume of 4,731,940. The company has a 50-day simple moving average of $103.48 and a 200 day simple moving average of $101.74. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The company has a market capitalization of $77.86 billion, a P/E ratio of 41.92, a P/E/G ratio of 3.62 and a beta of 1.06. 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 announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the business posted $0.43 EPS. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Cantor Fitzgerald increased their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. Wells Fargo & Company upped their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a research note on Monday. Scotiabank cut their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Finally, KeyCorp decreased their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $107.00.

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.