Global Assets Advisory LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Global Assets Advisory LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,859 shares of the software maker's stock, valued at approximately $271,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. lifted its position in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet in the 4th quarter worth approximately $27,000. ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet in the first quarter valued at approximately $35,000. Finally, Oarsman Capital Inc. grew its stake in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 2.5%

NASDAQ FTNT traded up $2.61 during trading hours on Monday, hitting $105.72. The company's stock had a trading volume of 4,094,470 shares, compared to its average volume of 4,856,818. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market capitalization of $80.92 billion, a P/E ratio of 43.51, a PEG ratio of 3.56 and a beta of 1.07. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The stock has a fifty day moving average of $102.80 and a 200 day moving average of $100.56.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly 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. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business posted $0.43 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on FTNT shares. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Morgan Stanley dropped their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Stifel Nicolaus cut their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $105.62.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

About Fortinet

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.