Fortinet, Inc. $FTNT Shares Purchased by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,852 shares of the software maker’s stock after purchasing an additional 1,488 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Fortinet were worth $4,425,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. Invesco Ltd. lifted its position in Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after acquiring an additional 181,835 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after acquiring an additional 1,026,277 shares during the period. Northern Trust Corp lifted its position in Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after acquiring an additional 49,238 shares during the period. Finally, AQR Capital Management LLC lifted its position in Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after acquiring an additional 1,733,670 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $85.87 on Wednesday. The stock has a market capitalization of $65.80 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 3.21 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average of $82.21 and a 200 day moving average of $93.76.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. JPMorgan Chase & Co. lowered their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Wedbush decreased their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Stifel Nicolaus decreased their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Finally, DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $97.03.

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.