2,572 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Yeomans Consulting Group Inc.

Yeomans Consulting Group Inc. acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,572 shares of the software maker's stock, valued at approximately $248,000.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Norges Bank bought a new stake in shares of Fortinet during the 4th quarter valued at $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet during the 4th quarter valued at about $389,867,000. FMR LLC boosted its holdings in shares of Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after acquiring an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on FTNT shares. Wells Fargo & Company dropped their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada lowered their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. BMO Capital Markets lowered their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus lowered their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Finally, Barclays set a $110.00 price objective on shares of Fortinet and gave the stock an "equal weight" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $106.48.

Insider Buying and Selling

In related news, Director William H. Neukom purchased 335 shares of the 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 completion of the transaction, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $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 owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT stock traded up $0.50 on Friday, reaching $105.42. The company's stock had a trading volume of 3,639,808 shares, compared to its average volume of 4,845,046. The stock's fifty day simple moving average is $103.30 and its 200-day simple moving average is $101.30. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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 company has a market capitalization of $80.69 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06.

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

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.