44,198 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Affinity Wealth Management LLC

Affinity Wealth Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 44,198 shares of the software maker's stock, valued at approximately $4,254,000. Fortinet accounts for approximately 0.8% of Affinity Wealth Management LLC's investment portfolio, making the stock its 27th largest position.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the 4th quarter valued at about $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA purchased a new position in Fortinet in the 4th quarter valued at about $43,000. Finally, Golden State Wealth Management LLC purchased a new position in Fortinet in the 4th quarter valued at about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 697,818 shares of company stock worth $69,539,128. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Up 1.9%

FTNT stock opened at $103.50 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $79.22 billion, a price-to-earnings ratio of 45.80, a PEG ratio of 4.19 and a beta of 1.06. The company has a 50 day moving average of $100.02 and a two-hundred day moving average of $99.69.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FTNT shares. BMO Capital Markets cut their target price 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. KeyCorp cut their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Stifel Nicolaus cut their target price 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, UBS Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $104.80.

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.

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