Global Assets Advisory LLC Acquires Shares of 2,859 Fortinet, Inc. (NASDAQ:FTNT)

Global Assets Advisory LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,859 shares of the software maker's stock, valued at approximately $271,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Eagle Capital Management LLC raised its holdings in shares of Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after acquiring an additional 404 shares during the last quarter. Brighton Jones LLC raised its holdings in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Fortinet by 2.7% in the fourth quarter. Lake Street Advisors Group LLC now owns 6,596 shares of the software maker's stock worth $623,000 after acquiring an additional 173 shares during the last quarter. National Pension Service raised its holdings in shares of Fortinet by 2.9% in the fourth quarter. National Pension Service now owns 1,959,847 shares of the software maker's stock worth $185,166,000 after acquiring an additional 54,444 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in shares of Fortinet by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 54,526 shares of the software maker's stock worth $5,152,000 after acquiring an additional 200 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction 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. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FTNT. Stifel Nicolaus cut their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Morgan Stanley cut their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 target price on shares of Fortinet in a research note on Tuesday, June 17th. UBS Group dropped their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One 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 stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Stock Down 0.7%

Shares of NASDAQ FTNT traded down $0.75 on Friday, hitting $103.11. The company had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,970. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The business has a 50 day moving average of $102.40 and a two-hundred day moving average of $100.43. 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 firm has a market capitalization of $78.92 billion, a P/E ratio of 42.43, a PEG ratio of 3.58 and a beta of 1.06.

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 firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 earnings per share. As a group, equities research analysts forecast 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.