Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Avantax Advisory Services Inc.

Key Points

• Avantax Advisory Services Inc. increased its holdings in Fortinet, Inc. by 30.7%, now owning 18,610 shares valued at approximately $1.79 million.
• Several investment firms have made substantial changes to their investments in Fortinet, with institutional investors holding 83.71% of the company's stock.
• Fortinet reported a 13.8% year-over-year revenue increase for the quarter, with a net margin of 30.6% and earnings per share surpassing estimates at $0.58.

Avantax Advisory Services Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,610 shares of the software maker's stock after purchasing an additional 4,375 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Fortinet were worth $1,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of FTNT. SJS Investment Consulting Inc. increased its stake in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $27,000. ORG Partners LLC boosted its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new position in Fortinet in the 1st quarter worth about $35,000. Finally, Wayfinding Financial LLC bought a new position in Fortinet in the 1st quarter worth about $36,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 335 shares of the company's stock in a transaction dated Friday, June 6th. The shares were acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on FTNT. Morgan Stanley decreased their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird boosted their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. UBS Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $107.00.

Fortinet Trading Down 2.5%

Shares of NASDAQ:FTNT traded down $2.54 on Friday, hitting $97.36. 4,708,207 shares of the company's stock were exchanged, compared to its average volume of 3,701,725. The stock has a market capitalization of $74.52 billion, a price-to-earnings ratio of 40.07, a price-to-earnings-growth ratio of 3.36 and a beta of 1.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business's 50 day simple moving average is $103.27 and its two-hundred day simple moving average is $101.81.

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. Analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.