Fiera Capital Corp Purchases 31,567 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fiera Capital Corp lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 914,365 shares of the software maker's stock after acquiring an additional 31,567 shares during the quarter. Fiera Capital Corp owned approximately 0.12% of Fortinet worth $55,109,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FTNT. Vima LLC acquired a new position in shares of Fortinet in the fourth quarter valued at $25,000. Winthrop Capital Management LLC bought a new position in Fortinet in the 1st quarter valued at about $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth approximately $32,000. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet in the second quarter valued at approximately $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 0.5 %

Shares of FTNT stock traded up $0.42 during trading hours on Tuesday, hitting $77.13. 5,790,428 shares of the company's stock traded hands, compared to its average volume of 5,777,571. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The stock has a market cap of $59.00 billion, a PE ratio of 50.65, a price-to-earnings-growth ratio of 2.77 and a beta of 0.98. The stock's 50 day simple moving average is $64.43 and its 200 day simple moving average is $64.49.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during 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 for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTNT. Morgan Stanley dropped their price target on Fortinet from $73.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, July 17th. Barclays reduced their target price on shares of Fortinet from $75.00 to $70.00 and set an "equal weight" rating for the company in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 29th. Finally, Citigroup raised their target price on shares of Fortinet from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Twenty-four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $71.31.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company's stock, valued at approximately $278,287.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Ken Xie sold 23,693 shares of the 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 transaction, the chief executive officer now directly owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares of the company's stock, valued at $278,287.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by insiders.

Fortinet 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.