Vontobel Holding Ltd. Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Vontobel Holding Ltd. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 578,883 shares of the software maker’s stock after buying an additional 31,097 shares during the quarter. Vontobel Holding Ltd.’s holdings in Fortinet were worth $44,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the first quarter worth approximately $25,000. Rise Advisors LLC grew its holdings in Fortinet by 135.6% during the first 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 period. City State Bank grew its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Oakworth Capital Inc. acquired a new position in Fortinet during the second quarter worth $33,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,943 shares of company stock worth $4,881,539 in the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 1.4 %

Shares of Fortinet stock traded down $1.14 during trading hours on Wednesday, reaching $81.50. The stock had a trading volume of 692,898 shares, compared to its average volume of 5,540,070. The firm has a 50 day simple moving average of $76.06 and a two-hundred day simple moving average of $66.36. The firm has a market capitalization of $62.26 billion, a price-to-earnings ratio of 54.01, a P/E/G ratio of 2.84 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business posted $0.31 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTNT. Wedbush reaffirmed an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Barclays upped their price objective on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Finally, Royal Bank of Canada upped their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $72.64.

Fortinet 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.