111 Capital Acquires Shares of 23,232 Fortinet, Inc. (NASDAQ:FTNT)

111 Capital purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 23,232 shares of the software maker's stock, valued at approximately $2,195,000.

Other large investors have also bought and sold shares of the company. Eagle Capital Management LLC boosted its position in Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after buying an additional 404 shares during the last quarter. Mutual Advisors LLC boosted its position in Fortinet by 20.6% in the 4th quarter. Mutual Advisors LLC now owns 4,498 shares of the software maker's stock valued at $423,000 after buying an additional 768 shares during the last quarter. Brighton Jones LLC boosted its position in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after buying an additional 221 shares during the last quarter. Drive Wealth Management LLC bought a new position in Fortinet in the 4th quarter valued at $222,000. Finally, PFG Investments LLC bought a new position in Fortinet in the 4th quarter valued at $208,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 697,818 shares of company stock worth $69,539,128 over the last three months. Corporate insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTNT. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Baird R W lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, Rosenblatt Securities lifted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $104.80.

Fortinet Stock Down 2.4%

Shares of Fortinet stock traded down $2.47 during trading on Thursday, reaching $102.04. The stock had a trading volume of 4,731,104 shares, compared to its average volume of 4,972,986. The company has a market capitalization of $78.10 billion, a price-to-earnings ratio of 45.15, a P/E/G ratio of 4.19 and a beta of 1.16. The stock has a fifty day moving average price of $99.68 and a two-hundred day moving average price of $99.45. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS 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.