DekaBank Deutsche Girozentrale Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

DekaBank Deutsche Girozentrale grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 267,057 shares of the software maker’s stock after acquiring an additional 13,147 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Fortinet were worth $16,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of FTNT. Winthrop Capital Management LLC bought a new stake in Fortinet in the 1st quarter valued at about $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Vima LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $25,000. Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter worth approximately $33,000. Finally, Creekmur Asset Management LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on 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 directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on 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 transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,672 shares of company stock valued at $4,573,864. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada raised their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $71.57.

Fortinet Stock Up 0.7 %

FTNT stock opened at $75.01 on Monday. The company’s 50 day moving average price is $67.27 and its 200 day moving average price is $64.98. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The firm has a market capitalization of $57.30 billion, a price-to-earnings ratio of 49.03, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during 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 firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 earnings per share. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

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.