2,745 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Advisor Resource Council

Advisor Resource Council purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,745 shares of the software maker's stock, valued at approximately $264,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. SJS Investment Consulting Inc. boosted its position 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 last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the 4th quarter worth approximately $27,000. ORG Partners LLC lifted its stake in Fortinet by 47.5% during 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. Oarsman Capital Inc. boosted its holdings in shares of 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 acquiring an additional 272 shares during the last quarter. Finally, Graney & King LLC purchased a new position in shares of Fortinet during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Morgan Stanley lowered their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird increased their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Royal Bank Of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Finally, BMO Capital Markets dropped their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Trading Down 0.5%

Shares of FTNT traded down $0.55 during midday trading on Wednesday, reaching $103.87. The company had a trading volume of 1,490,255 shares, compared to its average volume of 4,880,504. 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 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The firm has a 50 day simple moving average of $102.10 and a 200-day simple moving average of $100.36. The stock has a market cap of $79.50 billion, a PE ratio of 42.73, a price-to-earnings-growth ratio of 3.56 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the firm posted $0.43 earnings per share. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated 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 sale, the vice president now directly owns 11,000,068 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 18.00% of the company's stock.

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.