GAM Holding AG acquired a new stake in shares of Fortinet Inc (NASDAQ:FTNT) during the first quarter, according to its most recent filing with the SEC. The fund acquired 2,939 shares of the software maker’s stock, valued at approximately $247,000.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc increased its stake in Fortinet by 2.9% in the 3rd quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock worth $1,281,168,000 after acquiring an additional 394,636 shares during the last quarter. BlackRock Inc. increased its stake in Fortinet by 4.0% in the 1st quarter. BlackRock Inc. now owns 10,830,955 shares of the software maker’s stock worth $909,477,000 after acquiring an additional 411,632 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Fortinet by 3,990.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock worth $47,000 after acquiring an additional 3,204,555 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in Fortinet by 3.2% in the 1st quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,682,806 shares of the software maker’s stock worth $225,275,000 after acquiring an additional 83,797 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Fortinet by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after acquiring an additional 787,230 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.

A number of equities analysts have weighed in on FTNT shares. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Mizuho started coverage on Fortinet in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $90.00 target price on the stock. Zacks Investment Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 9th. OTR Global upgraded Fortinet to a “positive” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus upped their target price on Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have issued a buy rating to the company’s stock. Fortinet presently has a consensus rating of “Hold” and a consensus target price of $85.54.

In related news, VP Michael Xie sold 40,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the sale, the vice president now directly owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 3,691 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $87.48, for a total value of $322,888.68. Following the sale, the vice president now owns 6,402,500 shares of the company’s stock, valued at $560,090,700. The disclosure for this sale can be found here. Insiders sold a total of 64,511 shares of company stock valued at $4,865,082 over the last quarter. Company insiders own 17.70% of the company’s stock.

FTNT opened at $75.71 on Friday. Fortinet Inc has a 12-month low of $61.08 and a 12-month high of $96.96. The stock has a market capitalization of $12.93 billion, a PE ratio of 63.09, a PEG ratio of 3.85 and a beta of 1.13.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same period in the prior year, the business earned $0.33 EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.

WARNING: This report was first published by Watch List News and is the sole property of of Watch List News. If you are viewing this report on another domain, it was stolen and reposted in violation of US & international trademark and copyright law. The original version of this report can be accessed at https://www.watchlistnews.com/2939-shares-in-fortinet-inc-nasdaqftnt-purchased-by-gam-holding-ag/3043240.html.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

Recommended Story: Why is a lock-up period needed for an IPO?

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.