Dixon Mitchell Investment Counsel Inc. Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, HoldingsChannel reports. The institutional investor acquired 130,459 shares of the software maker’s stock, valued at approximately $10,117,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares during the period. Simplicity Wealth LLC increased its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Massmutual Trust Co. FSB ADV raised its position in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares during the last quarter. Werlinich Asset Management LLC lifted its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its holdings in Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents 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. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,250 shares of company stock valued at $6,790,149. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.3 %

Shares of FTNT stock opened at $81.07 on Friday. The stock has a market capitalization of $61.93 billion, a price-to-earnings ratio of 52.99, a PEG 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. The company’s fifty day simple moving average is $76.78 and its two-hundred day simple moving average is $66.66. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $0.31 earnings per share. Fortinet’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FTNT. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Scotiabank increased their price target on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. Finally, Rosenblatt Securities lowered their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $72.71.

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.