6,388 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Efficient Advisors LLC

Efficient Advisors LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,388 shares of the software maker's stock, valued at approximately $615,000.

Other institutional investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its position in 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 in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet in the 4th quarter valued at approximately $27,000. ORG Partners LLC increased its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares during the period. EQ Wealth Advisors LLC acquired a new position in Fortinet in the 1st quarter valued at approximately $35,000. Finally, Mechanics Financial Corp acquired a new position in Fortinet in the 1st quarter valued at approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The shares were 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 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 document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents 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 corporate insiders.

Fortinet Stock Up 0.2%

FTNT traded up $0.20 during trading on Friday, hitting $104.97. 1,076,680 shares of the company's stock were exchanged, compared to its average volume of 4,769,101. 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 business's 50 day moving average is $103.47 and its two-hundred day moving average is $101.51. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a market cap of $80.35 billion, a P/E ratio of 43.22, a PEG ratio of 3.62 and a beta of 1.06.

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, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 earnings per share. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FTNT shares. Scotiabank decreased their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company decreased their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. Morgan Stanley decreased their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, BMO Capital Markets decreased their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $106.48.

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.