3,200 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Caliber Wealth Management LLC KS

Key Points

• Caliber Wealth Management LLC has acquired 3,200 shares of Fortinet, Inc., valued at approximately $308,000, during the first quarter.
• Fortinet reported a 13.8% year-over-year revenue growth of $1.54 billion for the recent quarter, with earnings per share beating estimates at $0.58.
• The consensus rating for Fortinet is currently "Hold" with an average target price of $106.48, according to market analysts.

Caliber Wealth Management LLC KS purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,200 shares of the software maker's stock, valued at approximately $308,000.

A number of other institutional investors have also recently bought and sold shares of FTNT. Eagle Capital Management LLC increased its holdings in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after buying an additional 109 shares during the last quarter. ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. Bogart Wealth LLC increased its holdings in shares of Fortinet by 37.3% in the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock valued at $40,000 after purchasing an additional 112 shares during the last quarter. Cornerstone Enterprises LLC increased its holdings in shares of Fortinet by 2.3% in the first quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock valued at $483,000 after purchasing an additional 115 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In related news, 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 $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FTNT shares. Morgan Stanley decreased their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wolfe Research started coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Stifel Nicolaus dropped their target price 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. Finally, Cantor Fitzgerald upped their price objective on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus target price of $107.00.

Fortinet Price Performance

NASDAQ FTNT traded down $2.84 on Wednesday, reaching $101.93. 2,046,934 shares of the company's stock traded hands, compared to its average volume of 4,727,425. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The stock has a 50-day simple moving average of $103.48 and a 200 day simple moving average of $101.74. The stock has a market cap of $78.02 billion, a PE ratio of 41.81, a P/E/G ratio of 3.62 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the business earned $0.43 earnings per share. The business's revenue was up 13.8% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current 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.