DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 36.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,866 shares of the software maker’s stock after purchasing an additional 5,264 shares during the quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main’s holdings in Fortinet were worth $1,877,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet during the 4th quarter worth about $27,000. Oarsman Capital Inc. lifted its stake in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in Fortinet in the fourth quarter valued at approximately $43,000. Banque Transatlantique SA acquired a new position in Fortinet in the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC purchased a new position in Fortinet in the fourth quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.3 %

Shares of Fortinet stock opened at $97.42 on Friday. The company has a 50-day moving average of $98.26 and a two-hundred day moving average of $97.47. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market cap of $74.50 billion, a PE ratio of 43.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 738,978 shares of company stock worth $74,135,907 in the last three months. Corporate insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FTNT shares. Jefferies Financial Group lowered their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Scotiabank dropped their price objective on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a report on Thursday. Stifel Nicolaus cut their target price on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company cut their price target on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $104.80.

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.