Fortinet, Inc. (NASDAQ:FTNT) Position Increased by Archford Capital Strategies LLC

Archford Capital Strategies LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 107.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,864 shares of the software maker's stock after purchasing an additional 4,598 shares during the period. Archford Capital Strategies LLC's holdings in Fortinet were worth $853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Moran Wealth Management LLC purchased a new stake in shares of Fortinet during the first quarter valued at approximately $9,412,000. St. Johns Investment Management Company LLC grew its holdings in Fortinet by 726.0% during the 1st quarter. St. Johns Investment Management Company LLC now owns 6,302 shares of the software maker's stock valued at $607,000 after purchasing an additional 5,539 shares in the last quarter. YHB Investment Advisors Inc. increased its stake in Fortinet by 3.9% during the 1st quarter. YHB Investment Advisors Inc. now owns 68,354 shares of the software maker's stock worth $6,580,000 after buying an additional 2,557 shares during the period. Spirepoint Private Client LLC purchased a new stake in Fortinet during the 1st quarter worth $4,719,000. Finally, Asset Management One Co. Ltd. lifted its holdings in Fortinet by 0.6% in the 1st quarter. Asset Management One Co. Ltd. now owns 389,773 shares of the software maker's stock worth $37,520,000 after buying an additional 2,295 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded down $0.75 during trading hours on Friday, hitting $103.11. The stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,385. 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, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock's fifty day simple moving average is $102.54 and its 200 day simple moving average is $100.47. The firm has a market capitalization of $78.92 billion, a price-to-earnings ratio of 42.43, a PEG ratio of 3.58 and a beta of 1.06.

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

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Tuesday, June 17th. Robert W. Baird lifted their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wells Fargo & Company reduced their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.62.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This 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 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.