Gulf International Bank UK Ltd Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Gulf International Bank UK Ltd raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,084 shares of the software maker’s stock after purchasing an additional 180 shares during the period. Gulf International Bank UK Ltd’s holdings in Fortinet were worth $6,212,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. lifted its holdings in Fortinet by 33.0% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 141 shares of the software maker’s stock valued at $34,000 after purchasing an additional 35 shares in the last quarter. Jacobi Capital Management LLC lifted its holdings in shares of Fortinet by 102.2% during the 1st quarter. Jacobi Capital Management LLC now owns 188 shares of the software maker’s stock worth $35,000 after acquiring an additional 95 shares during the period. Ameritas Investment Company LLC purchased a new position in shares of Fortinet during the 1st quarter worth about $44,000. Harbour Investments Inc. purchased a new position in shares of Fortinet during the 1st quarter worth about $51,000. Finally, Berman Capital Advisors LLC lifted its holdings in shares of Fortinet by 100.0% during the 1st quarter. Berman Capital Advisors LLC now owns 286 shares of the software maker’s stock worth $51,000 after acquiring an additional 143 shares during the period. Institutional investors own 68.50% of the company’s stock.

Several research firms recently commented on FTNT. BMO Capital Markets raised their price target on shares of Fortinet from $275.00 to $300.00 and gave the company a “market perform” rating in a report on Friday, July 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $242.00 to $250.00 and gave the company a “hold” rating in a research report on Friday, July 30th. Mizuho increased their price objective on shares of Fortinet from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Wednesday. Raymond James increased their price objective on shares of Fortinet from $280.00 to $295.00 and gave the company an “outperform” rating in a research report on Friday, July 30th. Finally, KeyCorp raised their price target on shares of Fortinet from $297.00 to $324.00 and gave the stock an “overweight” rating in a research report on Friday, July 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $234.52.

FTNT stock opened at $300.58 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.88 and a current ratio of 1.96. The stock has a market capitalization of $49.09 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 7.68 and a beta of 1.12. Fortinet, Inc. has a 1 year low of $106.75 and a 1 year high of $322.00. The stock’s fifty day moving average is $290.23 and its two-hundred day moving average is $235.52.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 29th. The software maker reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.07. The business had revenue of $801.10 million for the quarter, compared to analyst estimates of $741.76 million. Fortinet had a net margin of 17.69% and a return on equity of 49.90%. During the same quarter last year, the business earned $0.82 earnings per share. As a group, analysts predict that Fortinet, Inc. will post 2.84 EPS for the current fiscal year.

In other news, VP Michael Xie sold 2,088 shares of the firm’s stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $281.20, for a total transaction of $587,145.60. Following the completion of the sale, the vice president now directly owns 1,095 shares of the company’s stock, valued at approximately $307,914. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 7,992 shares of the stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $301.31, for a total value of $2,408,069.52. Following the completion of the transaction, the chief financial officer now owns 3,342 shares of the company’s stock, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. Insiders have sold 50,080 shares of company stock valued at $15,046,015 in the last ninety days. Company insiders own 18.60% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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