19,272 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Spectrum Wealth Counsel LLC

Key Points

• Spectrum Wealth Counsel LLC acquired 19,272 shares of Fortinet, Inc. (NASDAQ:FTNT) valued at approximately $1.855 million during the first quarter.
• Institutional investors now hold 83.71% of Fortinet's stock, with several hedge funds increasing their stakes significantly in the fourth quarter.
• Fortinet has received an average rating of "Hold" from analysts, with a current average target price set at $106.48.

Spectrum Wealth Counsel LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 19,272 shares of the software maker's stock, valued at approximately $1,855,000.

A number of other hedge funds have also bought and sold shares of FTNT. Schroder Investment Management Group bought a new stake in Fortinet during the fourth quarter worth $389,867,000. FMR LLC raised its stake in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. Bessemer Group Inc. raised its stake in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of several research reports. Stifel Nicolaus lowered their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. Finally, DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $106.48.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

FTNT opened at $104.82 on Friday. The stock has a 50-day moving average price of $103.48 and a 200-day moving average price of $101.61. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $80.23 billion, a P/E ratio of 43.14, a PEG ratio of 3.61 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the business earned $0.43 EPS. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.

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