GAM Holding AG Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

GAM Holding AG boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 46.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,293 shares of the software maker’s stock after purchasing 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 and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Eastern Bank bought a new stake in Fortinet in the third quarter worth about $25,000. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter worth about $25,000. City State Bank lifted its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth about $33,000. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Morgan Stanley decreased their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $72.71.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on 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 in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Price Performance

Shares of FTNT opened at $82.44 on Wednesday. The firm has a market capitalization of $62.98 billion, a PE ratio of 53.88, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $83.77. The company’s fifty day moving average price is $77.01 and its 200-day moving average price is $66.70.

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

About Fortinet

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.