GAM Holding AG Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

GAM Holding AG increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 46.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,293 shares of the software maker’s stock after buying an additional 9,937 shares during the period. GAM Holding AG’s holdings in Fortinet were worth $2,427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter worth approximately $25,000. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the 2nd quarter worth approximately $33,000. Versant Capital Management Inc grew its stake in shares of Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the last quarter. Finally, City State Bank boosted its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company increased their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research note on Wednesday, August 7th. Morgan Stanley cut their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Finally, Robert W. Baird increased their target price on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $72.71.

Insider Activity

In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Michael Xie sold 24,712 shares of Fortinet 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 transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated 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 of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock worth $6,790,149 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.5 %

Shares of FTNT stock opened at $82.44 on Wednesday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. 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 $62.98 billion, a PE ratio of 53.88, a PEG ratio of 2.84 and a beta of 1.00. The stock has a fifty day simple moving average of $77.01 and a two-hundred day simple moving average of $66.70.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 EPS. On average, analysts predict that Fortinet, Inc. will post 1.74 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.