Raiffeisen Bank International AG Takes $1.42 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Raiffeisen Bank International AG acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 14,879 shares of the software maker's stock, valued at approximately $1,415,000.

A number of other large investors have also recently bought and sold shares of FTNT. Oak Thistle LLC acquired a new stake in Fortinet during the fourth quarter worth about $269,000. Fifth Third Wealth Advisors LLC boosted its stake in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Fortinet by 6.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker's stock valued at $1,612,000 after purchasing an additional 1,085 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Fortinet by 75.0% in the 4th quarter. Park Avenue Securities LLC now owns 18,886 shares of the software maker's stock valued at $1,784,000 after purchasing an additional 8,092 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Fortinet by 2,602.1% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,297 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,249 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. UBS Group dropped their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Roth Capital set a $103.00 price target on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Finally, Royal Bank of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus target price of $104.80.

Fortinet Price Performance

Shares of FTNT traded up $0.04 during midday trading on Tuesday, hitting $104.79. 3,955,890 shares of the company traded hands, compared to its average volume of 4,970,784. The stock has a 50-day moving average of $98.67 and a 200-day moving average of $98.61. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $80.21 billion, a P/E ratio of 46.37, a PEG ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the business posted $0.43 earnings per share. The company's revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 328 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the business's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $517,076.48. The trade was a 78.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 738,978 shares of company stock worth $74,135,907 over the last ninety days. Company insiders own 17.20% of the company's stock.

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.