Mackenzie Financial Corp Has $6.25 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mackenzie Financial Corp lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 29.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 103,634 shares of the software maker’s stock after selling 44,103 shares during the quarter. Mackenzie Financial Corp’s holdings in Fortinet were worth $6,246,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. MBB Public Markets I LLC bought a new position in Fortinet during the second quarter worth $2,830,000. Dark Forest Capital Management LP grew its position in Fortinet by 46.6% during the second quarter. Dark Forest Capital Management LP now owns 5,639 shares of the software maker’s stock worth $340,000 after buying an additional 1,792 shares in the last quarter. Daymark Wealth Partners LLC raised its holdings in Fortinet by 39.2% in the 2nd quarter. Daymark Wealth Partners LLC now owns 282,477 shares of the software maker’s stock valued at $17,025,000 after acquiring an additional 79,596 shares in the last quarter. Decatur Capital Management Inc. lifted its position in shares of Fortinet by 2.9% in the 2nd quarter. Decatur Capital Management Inc. now owns 30,060 shares of the software maker’s stock worth $1,812,000 after acquiring an additional 842 shares during the period. Finally, APG Asset Management US Inc. grew its holdings in shares of Fortinet by 1.6% during the 2nd quarter. APG Asset Management US Inc. now owns 101,812 shares of the software maker’s stock worth $6,093,000 after purchasing an additional 1,577 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. UBS Group lifted their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Rosenblatt Securities decreased their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Scotiabank increased their price objective on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Finally, TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 18th. 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 company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $71.57.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, VP Michael Xie sold 24,712 shares of the business’s 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock valued at $6,337,801 in the last 90 days. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

FTNT opened at $77.55 on Tuesday. The company has a fifty day moving average price of $71.09 and a two-hundred day moving average price of $65.45. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market capitalization of $59.24 billion, a PE ratio of 50.69, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.18.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business 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 revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 earnings per share. As a group, analysts anticipate that Fortinet, Inc. will post 1.72 earnings per share for the current 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.