Alpine Woods Capital Investors LLC Purchases Shares of 4,015 Fortinet, Inc. (NASDAQ:FTNT)

Alpine Woods Capital Investors LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,015 shares of the software maker's stock, valued at approximately $386,000.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Eagle Capital Management LLC boosted its stake in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares during the last quarter. ORG Partners LLC boosted its position in shares of 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 last quarter. Cornerstone Enterprises LLC grew its holdings in shares of Fortinet by 2.3% in the first quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock valued at $483,000 after purchasing an additional 115 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares in the last quarter. Finally, Strategic Blueprint LLC increased its position in Fortinet by 5.2% in the first quarter. Strategic Blueprint LLC now owns 2,387 shares of the software maker's stock worth $230,000 after purchasing an additional 119 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FTNT. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Stifel Nicolaus reduced their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Finally, Robert W. Baird raised their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.62.

Fortinet Stock Down 1.1%

NASDAQ FTNT traded down $1.14 on Friday, reaching $99.06. 4,128,922 shares of the stock traded hands, compared to its average volume of 4,878,779. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market cap of $75.82 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 3.42 and a beta of 1.06. The company has a fifty day moving average price of $103.23 and a 200-day moving average price of $101.02. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly 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. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $0.43 earnings per share. The business's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom bought 335 shares of the company's stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director directly 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. Company insiders own 18.00% of the company's stock.

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.