5,846 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Generali Investments Management Co LLC

Generali Investments Management Co LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 5,846 shares of the software maker's stock, valued at approximately $563,000.

Several other large investors have also recently added to or reduced their stakes in FTNT. Enclave Advisors LLC grew its position in shares of Fortinet by 5.8% during the first quarter. Enclave Advisors LLC now owns 17,243 shares of the software maker's stock worth $1,660,000 after acquiring an additional 950 shares during the last quarter. Retirement Planning Group LLC boosted its stake in Fortinet by 2.6% during the 1st quarter. Retirement Planning Group LLC now owns 5,589 shares of the software maker's stock valued at $538,000 after purchasing an additional 139 shares during the period. Lmcg Investments LLC grew its position in Fortinet by 28.5% in the 1st quarter. Lmcg Investments LLC now owns 52,623 shares of the software maker's stock worth $5,065,000 after purchasing an additional 11,657 shares during the last quarter. Clare Market Investments LLC grew its position in Fortinet by 25.0% in the 1st quarter. Clare Market Investments LLC now owns 7,505 shares of the software maker's stock worth $722,000 after purchasing an additional 1,500 shares during the last quarter. Finally, TruWealth Advisors LLC increased its stake in shares of Fortinet by 2.5% in the first quarter. TruWealth Advisors LLC now owns 9,143 shares of the software maker's stock valued at $880,000 after purchasing an additional 224 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 1.9%

NASDAQ:FTNT opened at $103.50 on Friday. The stock has a fifty day simple moving average of $100.02 and a 200 day simple moving average of $99.69. The firm has a market capitalization of $79.22 billion, a price-to-earnings ratio of 45.80, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the company posted $0.43 earnings per share. The business's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 1,000 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the transaction, the director now owns 20,612 shares in the company, valued at approximately $2,047,183.84. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 697,818 shares of company stock valued at $69,539,128 over the last three months. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler reiterated an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Scotiabank lowered their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Rosenblatt Securities boosted their price target on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $104.80.

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.

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