Advisor OS LLC Buys Shares of 4,486 Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Advisor OS LLC has acquired a new stake in Fortinet, Inc. during the first quarter, purchasing 4,486 shares valued at approximately $432,000.
• Institutional investors own 83.71% of Fortinet's stock, indicating strong interest from market players.
• Fortinet reported a quarterly EPS of $0.58, exceeding estimates and demonstrating a 13.8% year-over-year revenue growth.

Advisor OS 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 and Exchange Commission (SEC). The institutional investor acquired 4,486 shares of the software maker's stock, valued at approximately $432,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. SJS Investment Consulting Inc. raised its stake in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet during the fourth quarter worth approximately $27,000. ORG Partners LLC boosted its holdings in shares of 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 purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at $35,000. Finally, Mechanics Financial Corp acquired a new stake in shares of Fortinet in the 1st quarter valued at $36,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on 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 directly owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FTNT shares. Wells Fargo & Company raised their price objective on Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a report on Monday. Wolfe Research assumed coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. BMO Capital Markets reduced their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. Stifel Nicolaus cut their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Finally, Jefferies Financial Group cut their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $107.00.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.36 during trading on Monday, hitting $105.18. The stock had a trading volume of 1,015,802 shares, compared to its average volume of 4,750,024. The firm has a market cap of $80.51 billion, a price-to-earnings ratio of 43.27, a P/E/G ratio of 3.61 and a beta of 1.06. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business's 50-day moving average is $103.48 and its 200 day moving average is $101.65. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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 company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, sell-side analysts anticipate 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.