Dixon Mitchell Investment Counsel Inc. Invests $10.12 Million in Fortinet, Inc. (NASDAQ:FTNT)

Dixon Mitchell Investment Counsel Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent filing with the SEC. The firm bought 130,459 shares of the software maker’s stock, valued at approximately $10,117,000.

Several other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB acquired a new position in shares of Fortinet during the first quarter worth approximately $548,013,000. Marshall Wace LLP lifted its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the period. Finally, Sarasin & Partners LLP acquired a new stake in shares of Fortinet in the first quarter worth $120,746,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.3 %

Shares of NASDAQ:FTNT opened at $81.07 on Friday. The company has a 50 day moving average price of $76.78 and a two-hundred day moving average price of $66.66. The company has a market capitalization of $61.93 billion, a PE ratio of 52.99, a PEG ratio of 2.84 and a beta of 1.00. 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.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for 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 was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Citigroup increased their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Rosenblatt Securities lowered 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. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $72.71.

Insider Buying and Selling at Fortinet

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 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction 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 approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,250 shares of company stock worth $6,790,149. Insiders own 18.00% of the company’s stock.

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.