National Bank of Canada FI Purchases 234,896 Shares of Fortinet, Inc. (NASDAQ:FTNT)

National Bank of Canada FI raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 46.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 740,528 shares of the software maker's stock after buying an additional 234,896 shares during the period. National Bank of Canada FI owned approximately 0.10% of Fortinet worth $42,788,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Buckhead Capital Management LLC grew its holdings in Fortinet by 0.6% during the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker's stock valued at $1,764,000 after buying an additional 187 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in Fortinet by 1.6% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker's stock valued at $748,000 after purchasing an additional 197 shares during the last quarter. Catalyst Financial Partners LLC lifted its holdings in Fortinet by 5.1% in the 3rd quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker's stock valued at $254,000 after purchasing an additional 209 shares in the last quarter. Realta Investment Advisors boosted its stake in shares of Fortinet by 6.8% during the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker's stock worth $200,000 after purchasing an additional 217 shares during the last quarter. Finally, First Foundation Advisors boosted its stake in shares of Fortinet by 0.6% during the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker's stock worth $2,353,000 after purchasing an additional 223 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the firm's stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,992 shares of the firm's stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares of the company's stock, valued at $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,710 shares of the company's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company's stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FTNT shares. UBS Group upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, January 10th. Mizuho decreased their price objective on Fortinet from $70.00 to $66.00 and set a "neutral" rating on the stock in a report on Friday. Barclays lowered their price objective on Fortinet from $80.00 to $75.00 and set an "equal weight" rating for the company in a research report on Friday. Capital One Financial lowered Fortinet from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, January 17th. Finally, Wedbush restated an "outperform" rating and issued a $86.00 price target on shares of Fortinet in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $70.37.

Fortinet Stock Down 0.1 %

NASDAQ:FTNT traded down $0.07 during mid-day trading on Monday, reaching $58.81. The stock had a trading volume of 14,471,403 shares, compared to its average volume of 5,978,481. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The stock's 50 day simple moving average is $67.53 and its two-hundred day simple moving average is $61.95. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a market capitalization of $44.89 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 earnings per share. The firm's revenue was up 7.2% on a year-over-year basis. Equities analysts anticipate that Fortinet, Inc. will post 1.4 EPS for the current year.

Fortinet Company 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.