Altshuler Shaham Ltd Takes $1.66 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Altshuler Shaham Ltd acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 28,300 shares of the software maker's stock, valued at approximately $1,656,000. Fortinet accounts for about 0.1% of Altshuler Shaham Ltd's holdings, making the stock its 25th biggest holding.

Other large investors have also added to or reduced their stakes in the company. Buckhead Capital Management LLC lifted its holdings in Fortinet by 0.6% during the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker's stock valued at $1,764,000 after purchasing an additional 187 shares during the last quarter. First Trust Direct Indexing L.P. boosted its holdings 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 worth $748,000 after buying an additional 197 shares during the period. Catalyst Financial Partners LLC grew its stake 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 buying an additional 209 shares in the last quarter. Realta Investment Advisors raised its holdings in Fortinet by 6.8% during the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker's stock valued at $200,000 after acquiring an additional 217 shares during the period. Finally, First Foundation Advisors lifted its position in shares of Fortinet by 0.6% during the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker's stock worth $2,353,000 after acquiring an additional 223 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 2.5 %

FTNT stock traded down $1.52 during trading on Thursday, hitting $58.11. 6,924,377 shares of the company traded hands, compared to its average volume of 6,181,993. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The company has a 50-day moving average of $66.93 and a 200-day moving average of $61.97. The firm has a market capitalization of $44.36 billion, a PE ratio of 38.97, a P/E/G ratio of 2.60 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter last year, the business earned $0.29 earnings per share. The business's revenue was up 7.2% on a year-over-year basis. Analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Stifel Nicolaus boosted their price objective on Fortinet from $52.00 to $78.00 and gave the company a "hold" rating in a research note on Wednesday, February 7th. Scotiabank lowered their price target on shares of Fortinet from $90.00 to $80.00 and set a "sector outperform" rating on the stock in a report on Friday, May 3rd. Royal Bank of Canada reduced their price objective on shares of Fortinet from $71.00 to $68.00 and set a "sector perform" rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, May 3rd. Finally, Robert W. Baird cut their price target on shares of Fortinet from $81.00 to $75.00 and set an "outperform" rating for the company in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus price target of $70.37.

Insider Activity

In related news, CEO Ken Xie sold 23,694 shares of the firm's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company's stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the business's stock in a transaction on 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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,480 shares of company stock valued at $8,021,556. Insiders own 17.54% of the company's stock.

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.

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