Intact Investment Management Inc. Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Intact Investment Management Inc. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 1,050 shares of the software maker’s stock, valued at approximately $81,000.

Other institutional investors have also added to or reduced their stakes in the company. Winthrop Capital Management LLC bought a new position in Fortinet in the first quarter worth about $25,000. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc grew its stake in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Truist Financial raised their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Rosenblatt Securities boosted their price target on Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $74.68.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 70,538 shares of company stock worth $5,403,559 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Down 1.2 %

Shares of NASDAQ:FTNT opened at $77.92 on Wednesday. Fortinet, Inc. has a 52-week low of $47.66 and a 52-week high of $83.77. The stock has a market capitalization of $59.60 billion, a price-to-earnings ratio of 46.11, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock’s 50-day simple moving average is $78.14 and its two-hundred day simple moving average is $67.62.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the business posted $0.31 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post 1.75 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.