Fortinet, Inc. (NASDAQ:FTNT) Stock Position Increased by iA Global Asset Management Inc.

iA Global Asset Management Inc. lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 12.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 146,216 shares of the software maker’s stock after buying an additional 15,714 shares during the period. iA Global Asset Management Inc.’s holdings in Fortinet were worth $9,988,000 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 company. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter worth $25,000. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the 1st quarter worth $25,000. Rise Advisors LLC grew its holdings in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the 4th quarter worth $32,000. Finally, American National Bank grew its holdings in shares of Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after acquiring an additional 488 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director William H. Neukom purchased 586 shares of the stock in a transaction on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 67,203 shares of company stock valued at $4,015,048. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on FTNT shares. JPMorgan Chase & Co. lowered their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Barclays lowered their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Mizuho lowered their price target on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. HSBC lowered their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday, May 3rd. Finally, Jefferies Financial Group lowered their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $70.00.

Fortinet Price Performance

Shares of FTNT traded down $0.84 during midday trading on Thursday, hitting $57.20. The stock had a trading volume of 4,347,033 shares, compared to its average volume of 5,729,106. The company has a 50 day simple moving average of $59.33 and a two-hundred day simple moving average of $63.75. The firm has a market cap of $43.70 billion, a price-to-earnings ratio of 37.93, a price-to-earnings-growth ratio of 2.81 and a beta of 0.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $77.24.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current fiscal 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.