iA Global Asset Management Inc. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 3.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 88,800 shares of the software maker’s stock after selling 3,650 shares during the quarter. iA Global Asset Management Inc.’s holdings in Fortinet were worth $7,257,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Expressive Wealth LLC bought a new position in shares of Fortinet in the fourth quarter valued at $646,000. Trilogy Capital Inc. raised its position in Fortinet by 46.8% during the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker’s stock worth $3,506,000 after acquiring an additional 14,076 shares in the last quarter. Leonteq Securities AG acquired a new stake in Fortinet in the fourth quarter valued at $10,422,000. Eurizon Capital SGR S.p.A. acquired a new stake in Fortinet in the fourth quarter valued at $14,638,000. Finally, Thrivent Financial for Lutherans grew its position in shares of Fortinet by 156.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker’s stock valued at $31,009,000 after acquiring an additional 238,299 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.
Fortinet Stock Performance
NASDAQ FTNT opened at $158.98 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $116.48 billion, a P/E ratio of 61.38, a P/E/G ratio of 4.21 and a beta of 1.09. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $159.80. The firm has a 50-day moving average price of $127.45 and a two-hundred day moving average price of $97.25.
Insiders Place Their Bets
In other news, CEO Ken Xie sold 160,632 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 318,387 shares of company stock worth $43,403,063 in the last 90 days. Company insiders own 17.60% of the company’s stock.
Wall Street Analyst Weigh In
FTNT has been the topic of several recent analyst reports. Wells Fargo & Company restated an “underweight” rating and set a $70.00 price objective (up from $64.00) on shares of Fortinet in a research note on Thursday, May 7th. Compass Point set a $100.00 price target on Fortinet in a report on Monday, May 4th. Cantor Fitzgerald reissued a “neutral” rating and set a $87.00 price target on shares of Fortinet in a research report on Tuesday, April 21st. Scotiabank raised their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Finally, Bank of America raised their price objective on Fortinet from $130.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $107.58.
Read Our Latest Stock Report on Fortinet
Key Stories Impacting Fortinet
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Fortinet was highlighted as a strong momentum stock by Zacks, reinforcing the idea that the shares are technically strong and attracting investor interest. Here’s Why Fortinet (FTNT) is a Strong Momentum Stock
- Positive Sentiment: Liquid Networx expanded Fortinet security offerings through AWS and Azure Marketplace, a sign of broader channel reach and potential incremental demand for Fortinet licensing and services. Liquid Networx Expands Fortinet Security Offerings via AWS and Azure Marketplace
- Positive Sentiment: Several recent articles pointed to Fortinet as a potentially top-performing AI/cybersecurity stock, with one noting Barclays raised its price target to $155, which can boost investor confidence. Fortinet (FTNT) Stock Could Be A Top Performer This Year Amid Cautious Guidance
- Neutral Sentiment: Fortinet was included in a list of the most profitable software stocks, which supports the company’s fundamental profile but is not a direct catalyst. 5 Most Profitable Software Stocks to Buy Right Now
- Neutral Sentiment: Bernstein’s Hold rating suggests mixed expectations, while a separate sell recommendation adds caution and may limit enthusiasm around the stock’s near-term upside. Fortinet (FTNT) Gets a Hold from Bernstein Fortinet (FTNT): New Sell Recommendation for This Technology Giant
- Negative Sentiment: Wall Street coverage remains somewhat divided, with cautious guidance still a theme in some commentary, which could temper gains if investors focus on valuation and growth concerns. Here are Tuesday’s Best Wall Street Analyst Research Calls
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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