Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 36.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,213,826 shares of the software maker's stock after acquiring an additional 323,328 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.16% of Fortinet worth $71,045,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FTNT. Penserra Capital Management LLC grew its position in Fortinet by 6.6% during the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker's stock valued at $226,000 after acquiring an additional 41 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in Fortinet by 5.2% in the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker's stock worth $295,000 after acquiring an additional 43 shares during the period. Douglass Winthrop Advisors LLC lifted its stake in Fortinet by 6.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker's stock worth $296,000 after acquiring an additional 50 shares during the period. Covestor Ltd lifted its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker's stock worth $56,000 after acquiring an additional 57 shares during the period. Finally, Sawtooth Solutions LLC lifted its position in Fortinet by 3.7% during the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker's stock valued at $640,000 after buying an additional 66 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity

In related news, VP Michael Xie sold 38,369 shares of the firm's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company's stock, valued at $1,985,992,346.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company's stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,147 shares of company stock worth $7,424,394. Company insiders own 17.54% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTNT. The Goldman Sachs Group raised their price objective on Fortinet from $60.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, February 8th. BMO Capital Markets raised their price target on Fortinet from $70.00 to $82.00 and gave the company a "market perform" rating in a report on Wednesday, February 7th. Daiwa Capital Markets upgraded Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Scotiabank raised their price target on Fortinet from $70.00 to $90.00 and gave the company a "sector outperform" rating in a report on Wednesday, February 7th. Finally, Capital One Financial downgraded Fortinet from an "overweight" rating to an "equal weight" rating in a report on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $72.35.

Fortinet Price Performance

FTNT stock traded down $0.25 during midday trading on Tuesday, hitting $64.48. The company's stock had a trading volume of 3,015,003 shares, compared to its average volume of 5,999,789. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The company has a 50 day moving average of $68.83 and a two-hundred day moving average of $61.48. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The firm has a market capitalization of $49.20 billion, a price-to-earnings ratio of 44.47, a price-to-earnings-growth ratio of 2.95 and a beta of 1.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The business's revenue was up 10.3% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

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.