Fortinet, Inc. (NASDAQ:FTNT) is 2Xideas AG’s 3rd Largest Position

2Xideas AG grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 101.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 733,832 shares of the software maker’s stock after purchasing an additional 369,105 shares during the period. Fortinet comprises approximately 6.1% of 2Xideas AG’s investment portfolio, making the stock its 3rd largest holding. 2Xideas AG owned 0.10% of Fortinet worth $50,128,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vima LLC purchased a new position in shares of Fortinet in the 4th quarter valued at about $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet in the first quarter valued at approximately $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% in 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 in the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, American National Bank lifted its position in shares of Fortinet by 443.6% during the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after buying an additional 488 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their price target on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Tuesday, June 11th. Truist Financial decreased their price target on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 18th. Finally, Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $70.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 91,913 shares of company stock worth $5,608,349 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.2 %

FTNT traded up $0.11 on Tuesday, hitting $57.50. 4,108,273 shares of the company were exchanged, compared to its average volume of 5,744,231. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.58. The company has a market cap of $43.93 billion, a price-to-earnings ratio of 37.58, a price-to-earnings-growth ratio of 2.78 and a beta of 0.98. The firm has a 50-day moving average price of $59.40 and a two-hundred day moving average price of $63.79.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 EPS. Equities analysts expect that Fortinet, Inc. will post 1.47 EPS for the current year.

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.