Cary Street Partners Financial LLC Makes New $306,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Cary Street Partners Financial LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,234 shares of the software maker's stock, valued at approximately $306,000.

Other institutional investors have also added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet in the 4th quarter valued at about $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC bought a new position in Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA bought a new position in Fortinet in the 4th quarter valued at about $43,000. Finally, Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 1.7%

Shares of FTNT stock traded down $1.82 during trading hours on Wednesday, hitting $103.23. 4,513,495 shares of the company were exchanged, compared to its average volume of 4,958,482. The firm has a market cap of $78.94 billion, a P/E ratio of 45.68, a P/E/G ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50 day simple moving average of $98.23 and a two-hundred day simple moving average of $97.80.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on FTNT. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Raymond James reiterated a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Wolfe Research started coverage on shares of Fortinet in a research note on Monday. They issued a "peer perform" rating on the stock. Finally, Rosenblatt Securities raised their price target on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average target price of $104.80.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is owned by company insiders.

Fortinet Company 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.